Indian Budget 2009

Union budget 2009 was presented by Pranab Mukherjee in the parliament house. Main thing which all the salaried class people where looking was the increase in the base of the tax exemption.

Earlier salary above 1,50,000 for was made to pay a 10% tax per annum and girls / ladies where suppossed to pay above 1,80,000 per annum .

This has been revised by 10,000 rupess per annum, now we need to pay 10% tax for salary above 1,60,000 per annum and for girls / ladies its above 1,90,000 rupees per annum.

Thereby individual tax payers will save only 1000 rupees more per annum.

Apart from these LCD television , mobiles and life saving drugs will also be cheaper marginally.

Budget 2008 : Tax Exemptions for Salaried class

Great news for the salaried class specially people working in IT and ITes sector in INDIA including hyderabad and all major cities , the slabs for personal income tax have been revised with the exemption limit being raised from Rs 1.10 lakh to Rs 1.50 lakh, ensuring a minimum relief of Rs 4,000 for every assessee.

Personal income upto Rs 1.50 lakh will attract no income tax, Finance Minister P Chidambaram announced while presenting the Budget for 2008-09 in the Lok Sabha on Friday.

Income between Rs 1.50 lakh and Rs 3 lakh will attract a 10 per cent tax and incomes between Rs 3 lakh and Rs 5 lakh 20 per cent.

Income above Rs five lakh will attract 30 per cent tax and for woman assessee, the exemption will be upto Rs 1.80 lakh from the existing Rs 1.45 lakh whereas senior citizen will now have the exemption limit of Rs 2.25 lakh from Rs 1.95 lakh.

An additional deduction of Rs 15,000 under Section 80D has been allowed to an individual who pays medical insurance premium for his/her parents.