Finance Minister Pranab Mukherjee has proposed to increase the Income Tax exemption limit for senior citizens by INR15,000, for women and others by INR 10,000 each, while keeping the corporate tax rate unchanged.
The exemption limit will now be INR 240,000 for senior citizens, INR 190,000 for women and INR 160,000 for others. The 10% surcharge on personal Income Tax has also been slashed.
He has also gone ahead and abolshed the fringe benefit tax. The Budget has also abolished the Commodities Transaction Tax.