Increase in Tax Exemption limit in Union Budget 2008-09

Finance Minister P Chidambaram today raised the exemption limit from ` 1.10 lakh to 1.50 lakh for all individual assesses and from ` 1.45 lakh to 1.80 lakh for women assesses and for the senior citizens from 1.95 lakh to 2.25 lakh.

Hike in the basic limit from ` 1.1 lakh to ` 1.5 lakh will make a tax saving of ` 4,000 for individuals, ` 6,500 for women assesses and ` 6,000 for senior citizens.

New tax rates for various income levels are as follows:

• 10% on income of ` 1.50-3 lakh;
  
• 20% on income of ` 3-5 lakh;
  
• 30% on income above ` 5 lakh
  

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