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Prakash Yedhula (Lawyer)     01 March 2008

INcome Tax Slabs - Budget 2008

      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.



 2 Replies

SANJAY DIXIT (Advocate)     02 March 2008

Thanks Dear Prakash.

Dinesh Kotak (TAX CONSULTANT)     03 March 2008

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