Budget 2011: Tax exemption limit raised to 1.8 lakh
Monday, 28 February 2011, 22:22 IST
By PTI
By PTI
New Delhi:Finance Minister Pranab Mukherjee proposed to raise the income tax exemption limit for general tax payers to Rs. 1.80 lakh per annum from Rs. 1.60 lakh at present and introduced a high new tax slab for very senior citizens of 80 years and above.
Unveiling the Budget proposals for 2011-12 in the Lok Sabha, he also proposed to reduce the age limit for consideration as senior citizens from 65 years to 60.
Senior citizens will get tax exemption for income up to Rs. 2.5 lakh, higher from Rs. 2.4 lakh now.
As per the announcement, the increase in the income tax exemption limit for general tax payers (excluding women and senior citizens) to Rs. 1.8 lakh per annum would translate into a benefit of Rs. 2,000 for all tax payers.
Unveiling the Budget proposals for 2011-12 in the Lok Sabha, he also proposed to reduce the age limit for consideration as senior citizens from 65 years to 60.
Senior citizens will get tax exemption for income up to Rs. 2.5 lakh, higher from Rs. 2.4 lakh now.
As per the announcement, the increase in the income tax exemption limit for general tax payers (excluding women and senior citizens) to Rs. 1.8 lakh per annum would translate into a benefit of Rs. 2,000 for all tax payers.
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