Personal Tax Exemption Limit Raised by Rs. 50,000

The General Budget 2014-15 presented by the Union Finance Minister Shri Arun Jaitley has raised the personal income-tax exemption limit by Rs. 50,000/- that is, from Rs. 2 lakh to Rs. 2.5 lakh in the case of individual taxpayers, below the age of 60 years. Exemption limit raised from Rs. 2.5 lakh to Rs. 3 lakh in the case of senior citizens. However there is no change in the rate of surcharge either for the corporates or the individuals, HUFs, firms etc. The budget proposes to continue education cess at 3 percent.

Source : Press Information Bureau

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