India Budget 2008: Want to know what will be Your Personal Income Tax Now?
- Threshold tax exemption limit increased from Rs 1,45,000 to Rs 1,80,000 for women
- Threshold limit of tax exemption increased from Rs 1,10,000 to Rs 1,50,000 for men
- So in details, For income upto Rs 1,50,000 tax liability will be nil, between Rs 1,50,000 and Rs 3,00,000 tax liability will be 10% , from 3 lakh to 5 lakh tax liability will be 20%, from 5 lakh upwards it will be 30%
- Senior citizens threshold tax limit increased from Rs 1,95,000 to Rs 2,25,000
- No change in corporate tax
- Withdraw of banking transaction tax
- Short term capital gains to be taxed at 15%
- Govt withdraws banking transaction tax
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good one