No tax upto 1.5 lakh

February 29th, 2008 1:00 pm by TheHumanBot

Chidambaram announced major – and arguably populist – changes in the Income Tax slab. He said the threshold of exemption for all Income Tax assesses will be raised from Rs 1,10,000 to Rs 1,50,000, eliciting applause from the Parliamentarians. Personal income tax exemption slab for women will be at Rs 1.8 lakh

IBN Live

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.

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5 Responses to “No tax upto 1.5 lakh”

  1. 1
    Vladimir Putin Says:

    Good for me. I would be saving at least Rs. 28,000. That is good money for me. But I suspect that some Ministers and senior officers in Aizawl will laugh about these figures, that is if they read this.

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  2. 2
    Huiva Says:

    Hope this new Tax slabs bring down the big rush for Home Loan (which was used for tax exemption) and the soaring of Real Estate value.

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  3. 3
    benjamin Says:

    Budget effect:

    Maruti cuts car prices; Santro, i10 too cheaper
    http://www.ibnlive.com/news/ma.....95-25.html

    “He also cut duty on hybrid cars to 14 per cent from 24 per cent and on two- and three-wheelers to 16 per cent from 24 per cent.”

    Hybrid car pawh lei tur a awm thuai ang chu

    “Chidambaram has provided relief to auto manufacturers of hybrid cars by reducing the excise duty on them from 24 per cent to 14 per cent.

    These cars are currently not on sale in India, and use a combination of electric motors with gasoline/diesel engines to enhance efficiency and reduce pollution.

    Effective April 1, the move paves the way for manufacturers such as Honda Siel, Toyota India and Mahindra & Mahindra to immediately launch their vehicles that were on display at the Auto Expo in January.

    These include the Honda Civic hybrid and the Mahindra Scorpio hybri”
    http://specials.rediff.com/mon.....rices3.htm

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  4. 4
    benjamin Says:

    For Salaried guys:

    “Your income tax: How it works now”
    http://www.rediff.com/money/20.....get116.htm

    Tax Calculator:
    http://www.ibnlive.com/budget2008/taxcalculator

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  5. 5
    ZerO Says:

    It has no meaning for the Mizos working in Tribal States. Because there is no threshold of exemption for Income Tax. 100% emempted :-) My collegues are taxed (10.3%) at source

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