Finance Minister Pranab Mukherjee on Monday proposed to increase the Income Tax exemption limit for senior citizens by Rs 15,000, for women and others by Rs 10,000 each, while keeping the corporate tax rate unchanged. ( Watch )
The exemption limit will now be Rs 240,000 for senior citizens, Rs 190,000 for women and Rs 160,000 for others. The 10% surcharge on personal Income Tax has also been slashed.
For women the exemption limit has been raised to 190,000 and for others the exemtion limit has been raised by Rs 10,000 to 160,000.
He has also gone ahead and abolshed the fringe benefit tax. The Budget has also abolished the Commodities Transaction Tax.