Individual Tax Exemptions from Budget 2008 India

Normal person or citizen has a reason to cheer as the tax exemption has been extended from Rs. 1,10,000 to 1,50,000. So now a normal person(called aam adami) can save Rs. 40,000 more cash in his pocket. And women you don't have worry neither senior citizen needs to worry because budget 2008 has got exemption for you as well.

Further Details
• Tax exemption limit increased from Rs. 1,10,000 to Rs. 1,50,000
• Tax exemption limit for women increased from Rs. 1,45,000 to 1,80,000
• Tax rate for the income bracket Rs. 1,50,000 to 3,00,000 to be 10%
• Tax rate for the income bracket Rs. 3,00,000 to Rs. 5,00,000 to be 20%
• Income above Rs. 5,00,000 to be taxed at 30%
• Exemption limit for the senior citizens to be increased from Rs. 1,95,000 to 2,25,000