Finance Minister Pranab Mukherjee presents his annual budget on Friday(26.2.2010).
Personal income tax slabs
Finance Minister also raised personal income tax slabs. Details are as follows:
Finance Minister also raised personal income tax slabs. Details are as follows:
| Taxable income (in Rs) | Rate (%) |
| Up to 160,000 | Nil |
| 160,001 - 500,000 | 10 |
| 500,001 - 800,000 | 20 |
| 800,001 upwards | 30 |
Tax sops for investment in infrastructure
Finance Minister Pranab Mukherjee in his budget speech on Friday said the government would allow a deduction of up to 20,000 rupees for investments in long-term infrastructure bonds.
Finance Minister Pranab Mukherjee in his budget speech on Friday said the government would allow a deduction of up to 20,000 rupees for investments in long-term infrastructure bonds.
The FM also hiked the Excise Duty from 8% to 10%, while the Service Tax has been retained at 12%.
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