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ShareBangalore: The Union Budget 2009 gave every individual tax payer a sureshot reason to pat the UPA on its back.
The annual minimum amount not taxable has been marginally increased from Rs1.5 lakh to Rs1.6 lakh. For women, this limit has increased from Rs1.8 lakh to Rs 1.9 lakh, making them a happy lot. "This shows pro-women policies of the UPA government at the centre," smiled Pallavi Shetty, an executive with a BPO.
For senior citizens, the slab has increased from Rs2.25 lakh to Rs2.40 lakh, bringing much relief to many. Ranjan Hegde, a retired government employee said, "As elderly people, we are relieved with the Rs15,000 increase in the income tax exemption limit. In these times of price rise, such benefit is a great relief. I welcome the government's move."
Good news is that the 10% surcharge on income above Rs10 lakhs has been removed, thus bringing down the maximum effective tax rate to 30.9% from the earlier 33.99%. This translates into an annual benefit of Rs1,030 for individuals with an income below Rs10 lakh.
Until now, individuals were liable to pay the advance tax quarterly on non-salaried income, if the annual tax payable exceeded Rs5,000. Now, the advance tax has to be discharged only if the estimated tax exceeds Rs10,000.
