Union Budget
2014-15,, there is no change in income tax rates, surcharge & educational
cess.
To provide relief
to small & marginal tax payers, personal income tax exemption limit is
being raised from Rs. 2 lakh to Rs. 2.5 lakh.
For senior
citizens (above 60 age to 80), the exemption limit will be Rs. 3 lakh.
Further, the
investment limit under Section 80C of the Income tax Act is being raised from
Rs. 1 lakh to Rs. 1.5 lakh.
Deduction limit
for interest on home loan (for self-occupied house property) raised from Rs.
1.5 lakh to Rs. 2 lakh.
Budget is proposed
to raise the limit of deduction for PPF allowed under section 80 C from the
existing Rs.1 lakh to Rs.1.5 lakh.
Totally Rs. 1.5
lakh is benifit.
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