Uttar Pradesh, India (PressExposure) July 07, 2009 -- Finance Minister Pranab Mukherjee has come up with new income tax norms as he has proposed the increase in the Income Tax exemption limit for women by Rs.10,000 each and for senior citizens by Rs.15,000. However, the corporate tax rate will remain unchanged.
As per the new norms, the tax exemption limit for women will stand as Rs.1,90,000, for senior citizens it will be Rs.2,40,000 and for others the limit will be Rs.1,60,000. The personal tax will also see the slash of 10% surcharge in the new budget.
Further, he also called off the fringe benefit tax. The new budget will also come up with the abolishment of Commodities Transaction Tax. Calling off 'Fringe Benefit tax' is a move that has certainly pleased the corporate players but on the other hand there hasn't been a significant change in the tax slabs which has disappointed the common man. Overall, the budget has been a 'so-so affair' for the Indian audience as it has something for everyone but is not an exceptional offering from Pranab Mukherjee much like the interim budget.