What are the proposals of interest in personal taxation?
Exemption limit has been raised for individuals and Hindu Undivided Families (HUFs) by Rs. 40,000, so that the limit for assessment year (AY) 2009-10 would be Rs. 1.50 lakh. The increase in the limit for women and senior citizens is not corresponding to the general limit, in that, it has been raised by Rs. 35,000 and Rs. 30,000 for women and senior citizens respectively, so that the revised limit will be Rs. 1.80 lakh and Rs. 2.25 lakh respectively. Slab rates have also since been revised, so that the rate of 10 per cent would now be applicable for the lowest slab of Rs. 1.5 lakh to Rs. 3 lakh, 20 per cent for Rs. 3 lakh to Rs. 5 lakh and 30 per cent for incomes above Rs. 5 lakh. There would be a tax benefit of Rs. 4,000 for those covered by the present change. In the light of the fact that there is no change in the rate of taxation for other entities like firms and companies, this change should be welcome from the point of view of personal taxation. The area covered by Sec. 80C is now
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