Individual Income Tax Exemption Limit raised to Rs.180000

Turning to the direct taxes, Finance Minister Shri Pranab Mukherjee proposed to increase the exemption limit for general category individual tax payers by Rs. 20,000 to Rs. 1,80,000 per year.

This will provide a uniform tax relief of Rs. 2000 to every tax payer of this category. The benefit for senior citizens will now be available at 60 years of age and the exemption limit will go up from Rs. 2,40,000 to Rs. 2,50,000.

Those who are 80 years and above have been brought under a new category called very senior citizens and the exemption limit in this category will be Rs.5 lakhs.

Source : Equity Bulls

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