Relief In Personal Income Tax – Budget 2008  Exemption Limit Raised To Rs.150,000

The slabs for personal income tax have been  revised,  giving  relief to every assessee .  The exemption  limit has been raised to Rs. 1.50  lakhs  from Rs.1.10 lakhs ensuring  a minimum relief of  Rs.4000 for every assessee.  The new slabs and rates will be as under :

      Upto Rs. 150,000                                               Nil

      Rs.150,001 to Rs.300,000                                  10 per cent

      Rs. 300,001 to Rs. 500,000                                20 per cent

      Rs.500.001 and above                             30 per cent

In the case of a woman assessee, the exemption will be upto Rs.180,000 from Rs. 145,000 whereas  Senior Citizen  will now have the exemption limit of   Rs. 225,000 from  Rs.195,000. 

An additional deduction of Rs.15,000 under Section 80D  has been allowed to an individual who pays medical insurance premium for his/her parent(s). 

Senior Citizens Saving Scheme 2004 and the Post Office Term Deposit Account have been added to the basket of saving  instruments under Section 80(C) of the Income Tax Act.

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