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Home > India > Business > Budget 2008-09 > Special


Your income tax: How it works now

Sachin Jain, CA | February 29, 2008

Check out how your personal Income Tax will work after the Budget proposals made by Finance Minister P Chidambaram:

Comparison of Tax liabilities pre-Budget and post-Budget

For Men

Income Tax slab (Rs)

Old tax rate (%)

Old tax (Rs)

New tax rate (%)

New tax (Rs)

Benefit (Rs)

0 to 110,000

Nil

0

Nil

0

0

110,001 to 150,000

10

4,000

Nil

0

4,000

150,001 to 250,000

20

20,000

10

10,000

10,000

250,001 to 300,000

30

15,000

10

5,000

10,000

300,001 to 500,000

30

60,000

20

40,000

20,000

500,001 and above

30

30

1. A person having an income of up to Rs 3 lakh will get a benefit of Rs 24,000

2. A person having an income of up to Rs 5 lakh will get a benefit of Rs 44,000

For Women

Income Tax slab (Rs)

Old tax rate (%)

Old tax (Rs)

New tax rate (%)

New tax (Rs)

Benefit (Rs)

0 to 145,000

Nil

0

Nil

0

145,001 to 150,000

10

500

Nil

0

500

150,001 to 180,000

20

6,000

Nil

0

6,000

180,001 to 250,000

20

14,000

10

7,000

7,000

250,001 to 300,000

30

15,000

10

5,000

10,000

300,001 to 500,000

30

60,000

20

40,000

20,000

500,000 and above

30

30

1. A woman having an income of up to Rs 3 lakh get benefit of Rs 23,500

2. A woman having an income of up to Rs 5 lakh will get a benefit of Rs 43,500

For Senior Citizens

Income Tax slab (Rs)

Old tax rate (%)

Old tax (Rs)

New tax rate (%)

New tax (Rs)

Benefit (Rs)

0 to 195,000

Nil

0

Nil

0

195,001 to 225,000

20

6,000

Nil

0

6,000

225,001 to 250,000

20

5,000

10

2,500

2,500

250,001 to 300,000

20

15,000

10

5,000

10,000

300,001 to 500,000

30

60,000

20

40,000

20,000

500,001 and above

30

30

1. Senior citizens having an income of up to Rs 3 lakh will get a benefit of Rs 18,500

2. Senior citizens having an income of up to Rs 5 lakh will get a benefit of Rs 38,500

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