Posted: 06 Jul 2009 12:02 PM PDT
So the India Budget 2009 is out. Finance Minister Mr. Pranab Mukherjee presented Union Budget 2009-10 in Lok Sabha. What it means for common man in India? Well here is some points that you will find it helpful.
The basic exemption limit now increased to INR 160,000 from INR 150,000 for all taxpayers (other than women below the age of sixty-five, in which case, the basic exemption limit increased at INR 190,000).
Basic threshold limit for senior citizens has been increased to INR 240,000.
There won't be any 10% surcharge for individual tax payers which was applicable on individuals having taxable income over INR 1 million.
There has been no increase in the amount of permissible deduction which remains pegged at INR 100,000. People earning income other than salary, the requirement to pay advance tax now arises at INR 10,000 instead of the earlier limit of INR 5,000.