The Union Budget 2010 presented by our Finance Minster Pranab Mukerjee has been received positively by the stock market investors. This is evident from the sharp jump in the indices - Sensex and Nifty.
The Biggest Positive
By far the most attractive thing in the Budget 2010 for individuals is the increase in the income tax slab limits. Though the entry level slab for income tax has not been changed from Rs.1.6 lakhs, there is a considerable jump in the other slabs.
The new proposed slabs for the personal income tax are:
10% - Between Rs.1.6 lakhs and 5 lakhs
20% - Between Rs.5 lakhs and 8 lakhs
30% - Above 8 lakhs
As per the words of the Finance Minister, this proposal will bring relief to about 40% of the current tax payers.
Image courtesy: Getty / AFP
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