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Monday April 21st 2014

Personal Tax gets some discounts again

>Surcharge on personal tax scrapped.
>Fringe benifit tax scapped.
>Personal tax limit increased to 2.4 lakhs for senior citizens , 1.9 lakhs for women, 1.6 lakhs for others
>No change in Corporate tax.

Tax Slab after the budget would be
>For Men

0 to 160000 0
160001 to 300000 10%
300001 to 500000 20%
Above 500000 30%

Women taxpayers

0 to 190000 0
160001 to 300000 10%
300001 to 500000 20%
Above 500000 30%

Senior citizens

0 to 240000 0
160001 to 300000 10%
300001 to 500000 20%
Above 500000 30%

>Education cess is unchanged at 3 percent.
>They abolished 10 percent surcharge on income over Rs 10 lakh.