Cabinet approves Union Budget for 2014-15 Income tax exemption limit hiked from Rs 2 lakh to Rs 2.5 lakh

Cabinet approves Union Budget for 2014-15

Income tax exemption limit hiked from Rs 2 lakh to Rs 2.5 lakh
 
New tax slabs:

Upto 2.5 lakh – NIL;Above 2.5-5 lakh – 10%;Rs 5-10 lakh – 20%;

Above Rs 10 lakh – 30% ;

SrCitizen: Above 60(Upto 3lakh)/Above 80(Upto Rs 5 lakh)-NIL

 
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
Source | http://indiabudget.nic.in/

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