The General Budget 2014-15 presented by the Finance Minister has raised the personal income tax exemption limit by Rs. 50,000, that is, from Rs. 2 lakh to Rs. 2.5 lakh in case of individual tax payer below the age of 60 years.
Exemption limit raised from Rs. 2.5 lakh to Rs. 3 lakh in the case of senior citizen below the age of 80 years.
However, there is no change in the rate of surcharge either for the corporate or the individuals, HUFs, Firms, etc. Education cess to continue at 3%
Exemption limit raised from Rs. 2.5 lakh to Rs. 3 lakh in the case of senior citizen below the age of 80 years.
However, there is no change in the rate of surcharge either for the corporate or the individuals, HUFs, Firms, etc. Education cess to continue at 3%
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