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BUDGET 2009 PROPOSALS IN A NUTSHELL
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The basic exemption limits constituting the maximum amount not chargeable to tax for various individuals have been increased to Rs. 1,60,000/- from Rs. 1,50,000/- in case of General Individuals, to Rs. 1,90,000/- from Rs. !,80,000/- in the case of women assessees and to Rs. 2,40,000/- from Rs. 2,25,000 in the case of senior citizens. Thus Individuals, Women assessees and senior citizens with an inclination to invest Rs. 1,00,000/- in specified investments would not have to pay any tax upto an income of Rs. 2,60,000/-. Rs. 2,90,000/- and Rs. 3,40,000/- respectively. 
The tax rates for the Assessment year 2010-11 (previous year 01.04.2009 to 31.03.2010) for Individuals will continue to remain the same and is as under:
0-160000 NIL
160001-300000 10 % plus educ. cess @3%
300001-500000 20 % plus educ. cess @3%
500001-1000000 30 % plus educ. cess @3%
1000001 + 30 % plus educ. cess @3%
In the case of other Assessees, the tax rates including surcharge and education cess are as under:
PARTNERSHIP FIRMS:
Income below 1 crore 30 % plus education cess @3%
Income above 1 crore 30 % plus education cess @3%
DOMESTIC COMPANIES:
Income below 1 crore 30 % plus education cess @3%
Income above 1 crore 30 % plus surcharge @ 10% and education
cess @ 3%. |
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address: 611/612, Raikar Chambers,
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