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No changes in income tax slabs, rates

No changes have been made in the slabs and rates of personal income tax in the Budget 2007-08.

DNA Web Team

Updated : Sep 14, 2017, 04:12 PM IST

NEW DELHI: No changes have been made in the slabs and rates of personal income tax in the Budget 2007-08.

However, every assessee has been given a relief of Rs 1,000 by raising the threshold limit of exemption by Rs 10,000.

Consequently, in the case of a woman assessee, the threshold limit has been raised to Rs 1,45,000 from Rs 1,35,000. In the case of a senior citizen, such limit has been raised from 1,85,000 to Rs 1,95,000, effecting a relief of Rs 2,000, Finance Minister P Chidambaram said in his General Budget.

The reduction in respect of medical insurance premium under Section 80D has been increased to a maximum of Rs 15,000 and in the case of a senior citizen, a maximum of Rs 20,000.

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