Union Finance Minister P Chidambaram presented his fifth Budget in Parliament on Friday (29-feb-2008). Following are the highlights of the union budget of India, 2008-2009.
Highlights of Budget 2008-2009:
* Modifications in IT slab. Edge of exemption for all Income Tax assesses increased from 1, 10,000 to 1, 50,000.
* The latest tax slabs will be – [...]

*Sarva Shiksha Abhiyan will be provided Rs 13,100 crore,
*Mid Day Meal scheme Rs 8,000 crore, Secondary education Scheme Rs 4,554
crore.
* 410 additional Kasturba Gandhi Vidyalaya to be set up in backward blocks.
* Navodaya Vidyalayas to be opened in 20 districts with special focus on regions having SC/ST concentration.
* Allocation of Rs 130 crore for [...]

Income Tax
Senior citizens’ exemption hiked from Rs 1,95,000 to 2,25,000
Women exemption threshold hiked from Rs 1,45,000 to 1,80,000
Tax exemption raised from 1,10,000 to 1,50,000
Tax slab for Rs 3-5 lakh is 20%, above 5 lakhs 30%

Agriculture
Agriculture grew by 2.4%
Marginal, small farmers to get full waiver on all loans
Scheme of debt waiver and debt relief for [...]

PERSONAL TAX RATES
For individuals, HUF, Association of Persons (AOP) and Body of individuals (BOI):
For the Assessment Year 2008-09
Taxable income slab (Rs.)
Up to 1,50,000      NIL
Up to 1,80,000 (for women) NIL
Up to 2,25,000 (for resident individual of 65 years or above)     NIL
1,50,000 – 3,00,000     10%
3,00,001 – 5,00,000     20%
5,000,001 upwards     30%*
*A surcharge of [...]