[image: Quick answers to your frequently asked questions regarding filing
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<http://business.rediff.com/slide-show/2009/jul/06/slide-show-1-budget-all-about-tax-proposals.htm#mb>
*Budget: All about tax proposals*
* *
Giving relief to individual taxpayers, the government on Monday raised
the *income
tax* exemption limit by Rs 10,000 for general taxpayers, and by Rs 15,000
for senior citizens.
For general taxpayers, income of up to Rs 160,000 per annum for men and Rs
190,000 per annum for women is tax-exempt.
Senior citizens will not have to pay tax up to an annual income of Rs
240,000.
Announcing these measures while presenting the Budget for 2009-10, Finance
Minister Pranab Mukherjee said his direct tax proposals are revenue-neutral
and would not result in any revenue loss.
Pranab also removed the surcharge on income above Rs 10 lakhs (Rs 1 million)
for personal income tax payers. The surcharge was levied at the rate of 10
per cent on income above Rs 10 lakhs.
On the basis of recommendation of Prime Minister's Economic Advisory
Council, the finance minister also proposed to abolish the Commodity
Transaction Tax introduced in the Finance Act 2008.
The finance minister also informed the Lok Sabha that he proposes to exempt
the income of New Pension System Trust from the income tax and any dividend
paid to this Trust from Dividend Distribution Tax.
Similarly, all purchases sales of equity shares and derivatives by the NPS
Trust will also be exempt from Securities Transaction Tax.
http://business.rediff.com/slide-show/2009/jul/06/slide-show-1-budget-all-about-tax-proposals.htm#mb
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