The new Income Tax slabs are:
Upto 150,000 : No tax (for women this is 180,000)For a person whose income is 5 lac, the current tax is Rs.99 K. As per the revised proposition, the tax will come down to 55 K. A straight reduction of 44% !! (This is without considering any investments).
150,000 - 300,000 : 10%
300,000 - 500,000 : 20%
above 500,000 : 30%
For a person with around 2.5 lakhs per annum, earlier it was Rs. 32 K. Now, it will be Rs. 10 K only :) Lucky me :)
See also...
Budget 2008-09
Income Tax Returns
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