Hi,
Key Changes in Income Tax Act for Salaried person are as follows :
Ø No change in income tax rates
Ø Personal income tax exemption limit raised from Rs 2 lakh to Rs 2.50 lakh
Ø Tax exemption limit for senior citizens changed from Rs 2.5 lakh to Rs. 3 lakh
Ø Propose to increase investment limit under Section 80C from Rs 1 lakh to Rs 1.5 lakh
Ø Tax exemption on interest component on housing loan raised to Rs 2 lakh from Rs 1.5 lakh
Annual Tax saving would be Rs.10,000/- to Rs.35,000/- depending on Tax Slab & Investment.
Regards.
RAKHI BUDHIRAJA, ADV.
