Dear All,
The budget proposal as per the finance minister’s speech dated 29th February 2008 –
(A) New Tax Brackets & New Rates
Taxable Income Range Rate of Income Tax
Upto Rs. 1,50,000 Nil
Rs. 1,50,001 – Rs. 3,00,000 10 %
Rs. 3,00,001 – Rs. 5,00,000 20 %
Rs. 5,00,001 and above 30 %
Exemption from income tax for women upto income of Rs.1,80,000.
Surcharge of 10 % will be applicable to taxable income above Rs.10,00,000.
The education cess of 3 % is applicable on above income tax and surcharge.
(B) Inclusion of Section 80 C
The aggregate amount invested in the following subject to the maximum of Rs.1,00,000
is exempted.
The amount paid or deposited in / as –
(i) An account under the Senior Citizens Savings Scheme Rules 2004 .
(ii) Five year Time Deposit in an account under the Post Office Time Deposit Rules 1981.
(C) Inclusion in Sec 80 D – Medical Insurance Premia :
The exemption limit for payment of medical insurance premia (by cheque) on medical policy
taken for self, spouse, dependent children is Rs.15,000 p.a. and an additional exemption of
Rs.15,000 p.a., if any payment done on behalf of parents.
(D) Comparison of Income tax payable for the f.y. 2007-08 & 2008-09 :-
Salary Income Exemption – 80C Taxable Income Tax Amt (2007-08) Tax Amt (2008-09)
210,000 100,000 110,000 Nil Nil
250,000 100,000 150,000 4,120 Nil
300,000 100,000 200,000 14,420 5,150
350,000 100,000 250,000 24,720 10,300
400,000 100,000 300,000 40,170 15,450
600,000 100,000 500,000 101,970 56,650
850,000 100,000 750,000 179,220 133,900
1,100,000 100,000 1,000,000 256,470 211,150
1,600,000 100,000 1,500,000 452,067 402,215
Note :- (3) Tax amount includes education cess (3%).
From India, Patna
14The budget proposal as per the finance minister’s speech dated 29th February 2008 –
(A) New Tax Brackets & New Rates
Taxable Income Range Rate of Income Tax
Upto Rs. 1,50,000 Nil
Rs. 1,50,001 – Rs. 3,00,000 10 %
Rs. 3,00,001 – Rs. 5,00,000 20 %
Rs. 5,00,001 and above 30 %
Exemption from income tax for women upto income of Rs.1,80,000.
Surcharge of 10 % will be applicable to taxable income above Rs.10,00,000.
The education cess of 3 % is applicable on above income tax and surcharge.
(B) Inclusion of Section 80 C
The aggregate amount invested in the following subject to the maximum of Rs.1,00,000
is exempted.
The amount paid or deposited in / as –
(i) An account under the Senior Citizens Savings Scheme Rules 2004 .
(ii) Five year Time Deposit in an account under the Post Office Time Deposit Rules 1981.
(C) Inclusion in Sec 80 D – Medical Insurance Premia :
The exemption limit for payment of medical insurance premia (by cheque) on medical policy
taken for self, spouse, dependent children is Rs.15,000 p.a. and an additional exemption of
Rs.15,000 p.a., if any payment done on behalf of parents.
(D) Comparison of Income tax payable for the f.y. 2007-08 & 2008-09 :-
Salary Income Exemption – 80C Taxable Income Tax Amt (2007-08) Tax Amt (2008-09)
210,000 100,000 110,000 Nil Nil
250,000 100,000 150,000 4,120 Nil
300,000 100,000 200,000 14,420 5,150
350,000 100,000 250,000 24,720 10,300
400,000 100,000 300,000 40,170 15,450
600,000 100,000 500,000 101,970 56,650
850,000 100,000 750,000 179,220 133,900
1,100,000 100,000 1,000,000 256,470 211,150
1,600,000 100,000 1,500,000 452,067 402,215
Note :- (3) Tax amount includes education cess (3%).
From India, Patna
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