Pranab Mukherjee, Finance Minister of India announced major relief in individual income tax in the central budget proposed today in the parliament of India for year 2010-11.
He hasproposed redemption form "Saral" (Simple form of two pages) for income tax. He has simplified income tax act.
He has proposed nill income tax upto income of 1.60 lakh. Income tax rate will be only 10 percent between Income of Rs. 1.6o lakh to Rs. 5.00 lakg. Income tax rate of 20 percent will be charged for the income between 5.00 laks and 8.00 lakh.
(Jyoti Kothari, Proprietor, Vardhaman Gems, Jaipur represents Centuries Old Tradition of Excellence in Gems and Jewelry. He is also ISO 9000 professional)