FM raises IT exemption limit to Rs 1.5 lk

New Delhi, Feb 29: Union Finance Minister P Chidambaram on Friday said that during next fiscal the IT exemption limit will be raised to 1.5 lakh rupees for men, for women it would be 1.8 lakh rupees and for senior citizens it would be 2.25 lakh rupees.

Those whose earning falls in slab of 1.5 lakh rupees to 3 lakh rupees will pay income tax at rate of 10 per cent in next fiscal, those who will earn between 3 to 5 lakh will pay tax at interest rate of 20 per cent and those who will earn over 5 lakh will pay income tax at rate of 30 per cent, said Chidambaram. He went on to say that there would be no change in the corporate tax rate and banking transaction tax will be waived during next fiscal.

ANI