In the Budget proposals for the year 2010-11 presented by Finance Minister Mr.Pranab Mukarjee, Income tax rates for individuals have been modified to a greater extent. Yet in the background of inflation and implementation of sixth pay commission report the salaried class feels that measure is half-done. This is because though the widening of the slab for 10% Income tax is a welcome move, the exemption limit of Rs.1.6 lakhs, Rs.1.9 lakhs and Rs.2.4 lakh for men, women and seniors respectively were not raised. Salaried Class in the lower income bracket therefore cannot take their salary home free of taxes.
Courtesy: Gconnect
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