Finance Minister Pranab Mukherjee has started his presentation of the Union Budget 2010-11.
About Income tax slabs, FM said that the income up to Rs 1.6 lakh would not be taxable,Rs 1.6 lakh to Rs 5 lakh would be 10%, above Rs 5 lakh to 8 lakh would be 20% and above Rs 8 lakh to be 30%.
Exemption on tax (savings ): Rs 1 lakh deduction on tax as savings, FM has introduced an additional deduction of Rs 20% for investment in long-term infrastructure bonds.
Thursday, February 25, 2010
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