For those reeling under the strain of rising inflation, higher rail and fuel prices, Finance Minister Arun Jaitley was unexpectedly kind this year.
For those reeling under the strain of rising inflation, higher rail and fuel prices, Finance Minister Arun Jaitley was unexpectedly kind this year.
At the Union Budget he presented on July 10, Jaitley increased personal income tax exemption limit by Rs 50,000, from Rs 2 lakh to R2.5 lakh in case of individual taxpayers who are below the age of 60 years.
While the income tax exemption was raised, tax slab was left unchanged.
For senior citizens, the exemption limit was raised from Rs 2.5 lakh to Rs 3 lakh.
Not just that, the investment limit under Section 80C was raised by Rs 50,000 to Rs 1.5 lakh in options like PPF, ELSS and small-savings instruments.
Also read: Budget 2014 has brought clarity in tax policies: FinMin
The deduction limit of interest on loan of self-occupied residential property was also hiked to Rs 2 lakhs from earlier Rs 1.5 lakh.
Taken together, the three changes could go up to nearly Rs 39,000 for those in the top income bracket.
But it's not all good news, Jaitley took awa the comparative tax advantage enjoyed by debt mutual fund schemes over traditional fixed-income products by hiking the long-term capital gains tax from 10 percent to 20 percent on transfer of mutual fund units.
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