Thursday, 10 July 2014

BUDGET 2014 ON INCOME TAX

BUDGET ANNOUNCEMENTS ON INCOME TAX
No change in income tax rate
Income tax exemption limit raised to Rs 2.5 lakh from Rs 2 lakh at present
Section 80C limit raised to Rs 1.5 lakh from Rs 1 lakh
Tax exemption on interest component on housing loan raised to Rs 2 lakh from Rs 1.5 lakh
Tax exemption increased to Rs 3 lakh for senior citizens, from Rs 2.5 lakh

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