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9 ways the Budget affects you
2. I-T exemption limit raised
Threshold of exemption for all Income Tax assesses raised from from Rs 110,000 to Rs 150,000.
Every income tax assessees to get relief of minimum of Rs 4,000.
No change in rate of surcharge.
New tax slabs will be: 10 per cent for Rs 150,000 to Rs 300,000, 20 per cent for Rs 300,000 to Rs 500,000 and 30 per cent above Rs 500,000.
For women, the income tax limit goes up from Rs 1.45 lakh to Rs 1.80 lakh. In case of senior women citizens, it increases from Rs 1.95 lakh to Rs 2.25 lakh.
Fresh facilities, encouragement to sports and guest houses exempted from Fringe Benefit Tax.
Five year tax holiday for setting up hospitals in tier II and tier III regions for providing healthcare in rural areas from April 1, 2008.
Five year tax holiday for promoting cultural tourism.
Short-term capital gains increases to 15 per cent.
Direct tax proposals to be revenue neutral. Indirect tax proposals to result in loss of Rs 5,000 crore.
Also read: Union Budget 2008-09: Complete coverage
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