India: Budget 2008 Tax Summary

How much from our pocket?
Here is the summary of only the direct taxes:

• Threshold limit of exemption from personal income tax in the case of all assesses increased to Rs.150,000. The slabs and rates of tax are :
• Up to 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 case of a woman assessee, the threshold limit increased from Rs.145,000 to Rs.180,000; for a senior citizens, the threshold limit increased from Rs.195,000 to Rs.225,000.
• No change in the corporate income tax rates.
• No change in the rate of surcharge.
• Senior Citizen Saving Scheme 2004 and the Post Office Time Deposit Account added to the basket of saving instruments under Section 80C of the Income Tax Act.
• Additional deduction of Rs.15,000 allowed under Section 80D to an individual paying medical insurance premium for his/her parent or parents.

Source: http://indiabudget.nic.in
Information Source: Narender

~R.A.V.I.N.D.E.R
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