I-T exemption limit up for general taxpayers, senior citizen

I-T exemption limit up for general taxpayers, senior citizens

Giving relief to individual taxpayers, the government on Monday raised the income tax exemption limit by Rs 10,000 for general taxpayers, and by Rs 15,000 for senior citizens.

For general taxpayers, income of up to Rs 1.6 lakh per annum for men and Rs 1.90 lakh per annum for women is tax-exempt.

Senior citizens will not have to pay tax up to an annual income of Rs 2.4 lakh.

Announcing these measures while presenting the Budget for 2009-10, Finance Minister Pranab Mukherjee said his direct tax proposals are revenue-neutral and would not result

in any revenue loss