Yesterday, Pranav Mukherjee presented the annual Budget. This budget has brought some relief for tax paying citizens of India as the budget has increased the basic exemption for individual tax payers by Rs 10,000 for general tax payers and female tax payers and Rs 15,000 for senior citizens (tax payers having age of 65 years and above). Now the current income tax exemption limit has become Rs 1.5 lakh for male tax payers, Rs 1.8 lakh for female tax payers and Rs 2.25 lakh for senior citizens. 10 percent surcharge on taxes payable where the taxpayer’s income exceeded Rs 10 lakhs, is also eliminated. This budget has also raised the deduction for maintenance of medical treatment of dependence from Rs 75,000 to Rs 1 lakh. The finance minister also declared the introduction of Saral-II form which will make tax paying an easy exercise. These are the new tax slabs for Indian Citizens after Union Budget 2009.
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