About tax payment

josh (IT) (256 Points)

13 March 2008  

Hi,

Will the new tax system (like income tax exemption limit increased upto 1.5 lakhs,new restructure tax slabs, short term capital gain tax increased to 15%) recently announed by finance minister will be applicable for the current financial year ( FY2007-2008) or for the next financial year ( 2008-2009) ?  Please clarify on this issue.

 

Thanks

Josh