FM raises IT exemption limit to Rs 150000

Presenting the Union Budget for the Assessment Year 2008-2009, Union Finance Minister P Chidambaram has announced changes in the Income Tax slabs. The exemption of all Income Tax assesses is raised from Rs 1,10,000 to Rs 1,50,000. Now every assesse can avail the tax relief of Rs 4000 on its income.
The new tax slabs are:-
1,50,000 to 3,00,000- 10%
3,00,000 to 5,00,000- 20%
Above 5,00,000 - 30%.