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Tax-paying individuals stand to benefit this fiscal. Finance Minister Pranab Mukherjee has eased their tax burden and provided relief for specific groups of people such as senior citizens, physically handicapped and women.
Mukherjee, in his union budget for 2009-10 Monday, has increased the personal income tax exemption limit by Rs.10,000 for individual tax payers, raising it to Rs.160,000. A similar increase for women raises the ceiling to Rs.190,000.
He raised the tax exemption limit for senior citizens by Rs.15,000 to Rs.240,000 from the current Rs.225,000.
The minister also gave some relief for medical treatment of disabled people.
“I propose to increase the deduction in respect of maintenance, including medical treatment, of a dependent who is a person with severe disability to Rs.1 lakh from the present limit of Rs.75,000,” said Mukherjee.
The burden of surcharges on personal income tax has been done away with. The government has proposed to eliminate “the surcharge of 10 percent on personal income tax".
There is reason for students to rejoice as well, as the deduction in respect of interest paid on loans taken for pursuing higher education has been extended to all fields of study, including vocational studies.
Interest paid on such education loans can be claimed as deductions while filing tax returns.
Mukherjee said he would aim at rationalising the existing tax structure and start by releasing the new Direct Taxes Code within the next 45 days.
Last updated on Jul 6th, 2009 at 15:43 pm IST--IANS
A prototype of the light combat helicopter (LCH), designed and developed by the state-run Hindustan Aeronautics Ltd (HAL), is set for its maiden flight soon, a top company official said Friday.
The six new medical colleges and two para-medical colleges coming up in Uttar Pradesh would be run under a public-private partnership (PPP) arrangement.
The Chandigarh police Friday conducted surprise raids at various cyber cafes in this union territory and found over a dozen cafes were not keeping proper records of the customers.
Scientists Friday said that the government was in the process of formulating guidelines for regulation of probiotic foods, which have flooded the Indian markets, and the guidelines would be in place by January 2010.
Narmada Bachao Andolan leader Medha Patkar met Railway Minister and Trinamool Congress chief Mamata Banerjee here Friday to convey her opposition to certain provisions of the land acquisition bill that is to be introduced in the winter session of parliament.
One-rank-one-pension demand accepted: Antony
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