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The Union Minister for Finance, Pranab Mukherjee, presented the budget for the fiscal year 2009-10. The budget has called for various reforms across tax, infrastructure as well as other aspects.
The exemption limit for income tax payers has been increased by Rs. 10,000 across all the slabs. The senior citizens can now enjoy an exemption limit of Rs. 240,000 which will be Rs. 15,000 more than the current slab. So the current limit will be something like below:-
- Senior Citizens – Rs. Rs 225,000 to Rs 240,000 (Rs. 15,000 increase)
- Women - Rs 180,000 to Rs 190,000 (Rs. 10,000 increase)
- Others - Rs 150,000 to Rs 160,000 (Rs 10,000 increase)
The income tax payers now have another advantage also. They do not have pay the surcharge now. Earlier the income tax payers were also supposed to make a payment of about 10% as surcharge on income tax, which has been now eliminated in the Budget 2009-10. This will be effective from the next time you pay your income tax.
