Union Budget 2009-10:Income Tax Exemption Limit Increased
July 6th, 2009 - 3:25 pm ICT by GD
While presenting the Union Budget, Finance Minister, Pranab Mukherjee declared to increase the Income Tax exemption limit for senior citizens by Rs.15,000, for women and others by Rs.10,000 each. As per the budget, the Corporate Tax will remain unchanged.
After the declaration of the income tax exemption limit,the new exemption limit for the senior citizens will be Rs.2,40,000. This means that the exemption limit for women will be Rs.1,90,000. As far as others are concerned, the exemption limit has been increased by Rs.10,000, thus making the new exemption limit to Rs.1,60,000.
The Finance Minister has abolished the much talked about Fringe Benefit Tax. Mr.Mukherjee also went a step ahead to wipe off the Commodities Transaction Tax.
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Tags: commodities, exemption limit, finance minister, fringe benefit tax, income tax exemption, pranab mukherjee, senior citizens, transaction tax, union budget
