No change in personal income tax rates

New Delhi, Feb 28 (UNI) No changes have been made in the current slabs and rates of personal income tax in the Budget 2007-08.

However, every assessee has been given a relief of Rs 1,000 by raising the threshold limit of exemption by Rs 10,000.

Consequently, in the case of a woman assessee, the threshold limit has been raised to Rs 1,45,000 from Rs 1,35,000. In the case of a senior citizen, such limit has been raised from 1,85,000 to Rs 1,95,000, effecting a relief of Rs 2,000, Finance Minister P Chidambaram said in his General Budget.

The reduction in respect of medical insurance premium under section 80D has been increased to a maximum of Rs 15,000 and in the case of a senior citizen, a maximum of Rs 20,000.

UNI