Relief to Income Tax payers
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Presenting the Union Budget for 2008-09 in the Lok Sabha, Finance Minister P Chidambaram has revised the individual threshold limit of Income Tax payers from Rs 1,10,000 to Rs 1,50,000.
The threshold limit for women has also been upwardly revised from Rs 1,45,000 to Rs 1,80,000.
The IT threshold for senior citizens has been raised from Rs 1,95,000 to Rs 2,25,000
The Income Tax slabs will be as follows:
Upto Rs 1,50,000 - nil
Rs 1,50,000 to Rs 3,00,000 - 10 pc
Rs 3,00,000 to Rs 5,00,000 - 20 pc
Rs 5 lakh and above - 30 pc
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