The Finance Minister has provided tax relief to all tax payers by changing the Personal Income Tax slabs.
The revised Tax slabs are as follows:
Income upto 1.5 lakhs - 0%
Income between 1.5 lakhs to 3 lakhs - 10%
Income between 3 lakhs to 5 lakhs - 20%
Income above 5 lakhs - 30%
For women, Income upto 1.8 lakhs is exempt
For senior citizens, Income upto 2.25 lakh is exempt
Indian Market News
Budget FY08, India Budget, Tax Slabs
- FM confident of maintaining 8.8% GDP growth average
- Agriculture estimates to grow at 2.6% for FY08
- India to increase Gross Budgetary support in FY09 to 2.4 lakh crores.
- India to spend Rs120bn on National Rural Health Plan
- Education and Health Sector to be twin pillars of growth
- Allocation for education to be raised to Rs34,400cr from Rs28,674cr
- 16,534cr allocated for Health Sector an increase of about 15%
- 6000 High Quality Schools to be built
- Govt to set up 3 IITs, 3 IISCs
- Complete waiver of loans to small and marginal farmers
Indian Market News
Budget FY08, India Budget