INDIA: No tax on income upto Rs.240,000 for senior citizens

. NEW DELHI, India / The Indian Express / July 6, 2009 Express News Service Economic Bureau The hike in income tax exemption limit by up to Rs 15,000 will definitely make the middle-class happy, but the high-income category — those earning over Rs 1,000,000 a year — is in for a bonanza. For an individual earning Rs 2,000,000 a year, the abolition of 10 per cent surcharge will lower the tax burden by Rs 4,420 a month. Finance Minister Pranab Mukherjee today kickstarted the phasing out of surcharges by letting high-income individuals be the first beneficiaries. The hike in exemption limit for senior citizens by Rs 15,000 means that those in this category earning upto Rs.240,000 annually will not pay any income tax. [rc]