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India - Budget 2010 Proposals Print E-mail
On 26th February, the Finance Minister of India released the Finance Bill 2010. The provisions of the Bill are proposals only and will not become law until they are approved by both Houses of the Indian Parliament and receive the President's assent. Once approved, the provisions will apply from 1st April 2010 to 31st March 2011.

Proposed Income Tax Changes:
  • Up to INR 160,000 income - Nil (the basic exemption limit for resident women is Rs 190,000)
  • INR 160,001 - 500,000 income - 10%
  • INR 500,001 - 800,000 income - 20%
  • INR 800,001 and above - 30%

The Bill also proposes a new deduction from income of up to INR 20,000 for investment in Long Term Infrastructure Bonds, in addition to the existing deduction of INR 100,000 for specified investments.