Income Tax Exemption Limit Raised (2009-2010)
- 7 Comment
THE Finance Minister, in today’s budget speech, announced marginal tax benefits for individual tax payers.
He increased the basic exemption limit for male taxpayers and female taxpayers by Rs 10,000 and that of senior citizens by Rs 15,000. Further, he abolished the surcharge of 10% on income over Rs 10 lakh.
The new tax slabs now stand as follows:
Male taxpayers
0 to 160000 0
160001 to 300000 10%
300001 to 500000 20%
Above 500000 30%
Female taxpayers
0 to 190000 0
190001 to 300000 10%
300001 to 500000 20%
Above 500000 30%
Senior citizens
0 to 240000 0
240001 to 300000 10%
300001 to 500000 20%
Above 500000 30%
In addition to this, an education cess of 3% on the tax amount continues while a 10% surcharge on income over Rs 10 lakh has been abolished.
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7 Comments on this post
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Mukesh Kumar said:
what is the limitation of TDS as under :-
Building rent
Contractor Payment regular
Contractor payment on professional
Rent on EquipmentsSeptember 10th, 2009 at 4:11 am -
Dhaval said:
sir,
My wife has income of 1.7lacs. Means within tax exemption limits. Is it necessaryto file return for her at preset.
Also let me know if her income will increase to 2lakh. Then she will invest 30000 in ppf/nsc so that her tax liability will be zero. In this case income tax return will be required or not
Please light me on these issuesThanks
November 12th, 2009 at 11:02 pm -
krishnas said:
Hello Dhaval,
One has to file the IT return if the total income is above the taxable limit. In your case, your wife need not file the IT return till she is getting the tax slab of Rs.190000 for women. If it is above two lacs, she has to file the IT return. Don’t consider how much your are investing. That is for avoiding the tax payable.
Thanks,
KrishnaNovember 12th, 2009 at 11:33 pm -
dhaval said:
Sir,
I am a NRI. My income from investment in india is around 2lakhs. I invested around 60000 in PPF/nsc so that my incometax return will become nil. I want to know that I will have to file my return as a nil in incometax because I am a NRI or no need of file.
What will be liability of a person who is not a NRI.
Please light on this issue
Thanks
Dhaval shahNovember 21st, 2009 at 1:28 am -
K.D.Veer said:
Sir, i want to know the maximum limits of exemption in travelling allowance and in special compensatory allowance for IT 2009-10 asssessment?
January 26th, 2010 at 9:03 pm -
Vasanth said:
If my salary is 3 lacs to avoid paying tax can i take insurance, Fixed deposite etc on my wife’s name…will it be helpful to me to reduce the tax…
February 4th, 2010 at 9:09 pm -
krishnas said:
Hello Vasanth,
Insurance for spouse can be shown for tax deduction. But, you can not take fixed deposit for spouse.
Thanks,
KrishnaFebruary 5th, 2010 at 3:13 am
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