Bringing cheer to individual taxpayers, Finance Minister Arun Jaitley in his maiden Union Budget 2014-15 in Parliament on Thursday, raised personal tax exemption limit to Rs 2.5 lakh from the current Rs 2 lakh. Income tax exemption limit for senior citizens has been raised to Rs 3 lakh. The Investment limit under Section 80C has also been hiked to Rs 1.5 lakh from the current Rs 1 lakh, while the FM increased housing loan interest rate deduction limit to Rs 2 Lakh.
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Bringing cheer to individual taxpayers, Finance Minister Arun Jaitley in his maiden Union Budget 2014-15 in Parliament on Thursday, raised personal tax exemption limit to Rs 2.5 lakh from the current Rs 2 lakh. Income tax exemption limit for senior citizens has been raised to Rs 3 lakh. The Investment limit under Section 80C has also been hiked to Rs 1.5 lakh from the current Rs 1 lakh, while the FM increased housing loan interest rate deduction limit to Rs 2 Lakh.
News video | 374 views
The Finance minister has raised the income-tax exemption limit to Rs 2 lakh from Rs 1,80,000. No tax will be charged for income upto Rs 2 lakh. A tax of 10% will be charged for income between Rs 2-5 lakh, while 20% will be charged for income between 5-10 lakh and 30% will be charged above 10 lakh. The finance minister has however left the corporate tax unchanged.
Tax slab
Up to 2 lakh rupees - NIL
2 lakh - 5 lakh rupees - 10%
5 lakh - 10 lakh rupees - 20%
Above 10 lakh rupees - 30%
News video | 898 views
Finance Minister Pranab Mukherjee has presented Union Budget 2012 in Parliament. He said that tax exemption limit has been extended to Rs 2 lakhs. He said that tax collection up 15% and there is fall in Income Tax and Corporate Tax collections. Individuals having income above Rs 2 lakh to 5 lakh will be paying 10 per cent as tax.
News video | 755 views
Watch Union Budget 2015: Income Tax Exemption Limit to Be Raised Video.
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Budget 2018: Tax exemption limit may be raised from Rs 2.5 lakh to Rs 3 lakh
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5 नहीं साढ़े 6 लाख रुपए तक नहीं लगेगा एक भी रुपए टैक्स |No tax till Rs 5 lakh income for individuals taxpayers
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Watch Budget 2019- 5 नहीं साढ़े 6 लाख रुपए तक नहीं लगेगा टैक्स | Income Tax limit raised to Rs 5 lakh With HD Quality
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Watch Union Budget 2019 | Income Tax Slab Raised From 2.5 Lakhs To 5 Lakh Rupees With HD Quality
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Tax Free Limit | Income Tax | Tax Saving |
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As a salaried taxpayer, you are eligible for various tax benefits that can bring down your taxable income. Here is a look at six such benefits.
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The budget announced several measures for middle-class taxpayers. The key highlight was the tax exemption of income up to Rs 5 lakh per annum. The tax exemption is aimed to boost the disposable income and purchasing power in the hands of a taxpayer. How was the Finance Minister able to give such a waiver and which segments benefits the most. Swaminathan Aiyar, Consulting Editor, The Economic Times Explains
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