A great news for the working class from the Budget presented for this year. Its the income tax that has been restructured towards the benefit of common population. The income tax exemption limit has been raised and also there are new tax slabs introduced for income tax payers.
The Finance ministry raised the income-tax exemption limit from Rs 1,10,000 to Rs 1,50,000. That for women incresed from Rs 1,45,000 to Rs 1,80,000 and for senior citizens is raised from Rs 1,95,000 to Rs 2,25,000.
New tax slabs is divided into 3 salary zones. They are:
For income upto Rs 1,50,000 tax liability will be nil.
10 % for 150,000 to 300,000.
20 % for 300,000 to 500,000.
30 % above 500,000.
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