New Delhi: Finance Minister Arun Jaitley Thursday raised the exemption limits for all individual tax payers by Rs.50,000 while keeping the rates untouched in the national budget for this fiscal.
The tax exemption limit for individuals below 60 years stands revised to Rs.250,000, subject to parliament's approval, while for senior citizens it is proposed at Rs.300,000.
This apart, deductions allowed under various heads such as investments in insurance, pension and house rent are also proposed to be raised by Rs.50,000 to Rs.150,000.
Tax announcements by FM
No change in direct tax rates
To increase personal I-T limit to Rs 2.5 lk
Raises tax exemption limit to Rs 3lk vs Rs 2.5lk for senior citizens
No change in tax laws for Hindu Undivided Families
Education cess to continue at 3%
To raise Housing interest deduction limit to Rs 2 lk
Raises 80C investment cap to Rs 1.5 lk
To raise investment allowance for investments above Rs 25 cr in units
