Budget 2009 Income Tax Slab Increased
Finance Minister of india Pranab Mukherjee said to increase in income tax exemption limit for senior citizens by Rs.15,000, for women and others by Rs.10,000 each,
The exemption limit will now be Rs.240,000 for senior citizens, Rs.190,000 for women and Rs.160,000 for others. Income tax exemption limit increased, corporate tax rate unchanged
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  •           IT Return forms to be more user friendly
  •           Centralised tax processing centre at Bangalore
  •           Share of direct taxes gone up by 56%
  •           New direct tax code in 45 days
  •           To introduce GST by April 1st, 2010; to be dual in nature
  •           No changes in Corporate Tax
  •           Personal income tax exemption limit hiked by Rs.15,000 for senior citizens
  •           Exemption limit hiked by Rs.10,000 for women and all other categories
  •           Removal of 10% surcharge on personal income tax
  •           Fringe Benefit Tax to be abolished
  •           Tax holiday for exporters increased till 2011
  •           MAT rate to be increased to 15% v/a 10% of book profit
  •           Carry Forward MAT Tax Credit extended to 10 yrs from earlier 7 years
  •           Abolition of Commodity Transaction tax (CTT)
  •           Sec 80DD to be hiked
  •           National pension Scheme exempt from STT