Income Tax exemption limit raised to Rs.2.5 lakh and also raised to Rs 1.5 lakh under Section 80C
Some relief to individual and salary tax payers, Finance Minister Arun Jaitley presenting Union Budget 2014-15 today in Parliament, raised individual tax exemption limit to Rs.2.5 lakh from current Rs.2 lakh.
For Senior Citizen tax exemption limit also increased to 3 lakh.
The Central Government today hiked the exemption limit for investments by individuals in financial instruments to Rs 1.5 lakh under section 80C.
Housing Loan Rebate is raised from Rs 1.5 lakh to 2 lakh
And one more relief to the depositors of Public Provident Fund, the ceiling limit will raised to Rs.1.5. lakh form current level of Rs.1 lakh.