Finance Minister Arun Jaitley’s maiden budget of 2014-15 is cheered by salaried class tax payers. The individual tax payer’s personal tax exemption limit is raised to Rs. 2.5 Lakhs from the current Rs. 2 Lakhs. For senior citizens above 60 years of age, tax exemption limit has been raised to Rs 3 Lakhs from Rs.2.5 Lakhs. Later on, the Investment limit under Section 80C is also hiked to Rs. 1.5 Lakhs from the current Rs. 1 Lakh. On housing loan interest rate, the deduction limit is raised to Rs. 2 Lakhs. There are no changes on direct taxes front.
In a further relief to the depositors, FM announced that the PPF (Public Provident Fund) deposit ceiling will be raised to Rs.1.5 Lakh from the existing Rs.1 Lakh.