Income tax exemption raised to Rs 1.5 lakh

Srinagar, Thursday, February 29, 2008:

Giving a relief to tax assesses the Indian government has revised the slabs for Income tax and raised the exemption level to Rs. 1.5 lakhs (150,000) from the present Rs. 1.1 lakhs (110,000).

According to the annual budget presented in the Indian parliament by Finance Minister P Chidambaram today, the new personal Income tax 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

For women, the exemption level has been raised from the present Rs. 145,000 to Rs.180,000 whereas senior citizens will now have the exemption limit of Rs. 225,000 up 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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