Good news for income tax payers

Posted : July 10, 2014 at 4:40 pm IST by ManaTeluguMovies

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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.

“I propose not to make any changes in the tax rate. However, with the view to provide relief to small and marginal and senior citizen, I propose to increase the personal income tax exemption limit by Rs 50,000 from Rs 2 lakh to Rs 2.50 lakh in case of all individual tax payer who are below the ago of 60 years.
I do not propose to make any change in the rate of surcharge for either for corporates or individual. The education cess for all tax payers shall continue at 3 per cent,” FM said.