Tax exemption limit for men and senior citizens raised not for women !

Print Friendly
Tax exemption limit for men and senior citizens raised not for women !

tax exemption limit In order to compensate the salaried class who have been drastically hit by the never ending inflation, Finance minister Pranab Mukherjee today in his budget speech announced an increase in the income tax exemption limit from the current Rs 1.60 lakh per annum to Rs 1.80 lakh per annum for men. This increase in exemption would mean a benefit of Rs 2000 for male taxpayers. The limit for women however remains unchanged at Rs 1.90 lakh per annum.
Apart from the above Mr Mukherjee has also raised the limit for senior citizens from Rs 2.40 lakh to Rs 2.50 lakh per annum besides lowering the age to 60 years.
This could be the last time that men and women are being given different tax exemption limits, once the proposed Direct Tax Code comes into effect from April 2012, both men and woman would uniformly be given exemptions to the tune of Rs 2 lakh per annum.

 Share

 

Search Tax Solution

  • IMADEDWIDHARMAYOGA

    What is the income limit for which you don’t have to declare in your income tax return?
    I only earned a bit over $7000 as a self-employed last year but I’m unsure if I have to declare it or not. I know there is a limit on the amount you don’t have to declare but I can’t find this info anywhere.
    Does anyone know what’s the limit?

    Thanks.

  • Louielyn dela Cruz

    I donated my kidney to my father this past year, I know that some states offer a tax exemption for organ donors. I live in a state that doesn’t have state tax and was wondering if anyone knows if there is a federal exemption?

  • Julietta Jameson

    According to 6 CPC, the tution fee for the nursery going child can be reimburshed. In the same way, can we claim the tution fee for the nursery going child from Income Tax.