A close look at
Income Tax rates
| Finance
Minister P Chidambaram has announced changes in
the Income Tax slabs. The threshold of exemption
for all Income Tax assesses raised from from Rs
1,10,000 to Rs 1,50,000. Every income tax
assessees to get relief of minimum of Rs 4,000.
New tax slabs will be: 10 per cent for 1,50,000
to 3,00,000, 20 per cent for 3,00,000 to
5,00,000 and 30 per cent above 5,00,000.
Threshold for small service providers raised
from Rs eight lakh to Rs 10 lakh.
For women, the income tax limit goes up from
Rs 1.45 lakh to Rs 1.80 lakh. In case of senior
women citizens, it increases from Rs 1.95 lakh
to Rs 2.25 lakh.
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