Higher limit for no deduction of Income Tax raised to Rs. 2.5 Lakhs per annum!
Posted on: 10/Jul/2014 4:20:39 PM
The maximum income limit for exemption of individual income tax has been raised from Rs. 2 Lakhs to Rs. 2.5 Lakhs.
Finance Minister, Mr. Arun Jaitley presented the first budget of the BJP government in the parliament.
While he presented the salient aspects of the budget proposal for the financial year 2014-15, the information regarding Income Tax:
The limit for the maximum non-taxable individual income has been raised from Rs. 2 Lakhs per annum to Rs. 2.5 Lakhs per annum. So, all individuals who earn less than Rs. 2.5 Lakhs need not pay any income tax.
This limit for the senior citizens has been raised to Rs. 3 Lakhs per annum.
Investment limit under section 80(C) has been raised to Rs. 1.5 Lakhs.
