Budget and tax implications for salaried class

In a nut-shell, following are the tax implications for the salaried class based on the Budegt tabled by Pranab Mukherjee on 06-July-2009.

1. Tax exemption limit raised by 15,000 for senior citizens and by 10,000 for all other segments

The new tax slabs are as follows:

Senior Citizens:

0 - 240000 -NIL

240001 - 300000 - 10%

300001 - 500000 - 20%

> 500000 - 30%

Women:

0 - 190000 -NIL

190001 - 300000 - 10%

300001 - 500000 - 20%

> 500000 - 30%

Men:

0 - 160000 -NIL

160001 - 300000 - 10%

300001 - 500000 - 20%

> 500000 - 30%

2. Tax benefit raised to 1,00,000 from 75,000 for care-take of dependants with "severe" disability

3. Surcharge on taxable income greater than 10,00,000 is now NIL.