Budget 2014-2015, A general tax slab review

Finance Minister Arun Jaitley has increased the income tax exemption limit from Rs 2 lakh to Rs 2.5 lakh. :thumb:
For senior citizens, the tax exemption limit has been increased from the existing Rs 2.5 lakh to Rs 3 lakh. :thumb:

Investment limit raised: The investment limit under Section 80C has been increased from the existing Rs 1 lakh to Rs 1.5 lakh. :thumb:

Home Loans: For those paying home loan, there is good news as well. The rebate on housing loan has been raised from the existing Rs 1.5 lakh to Rs 2 lakh.

However, there are no changes in the tax rates.
The PPF scheme has been enhanced from the existing one lakh rupees to 1.5 lakh rupees per annum.


If one compares corporate and personal income taxes in India with economies in the developed world, one finds that these are on the higher side. This is an assessment by Barclays. However, the spread of the tax net is fairly narrow.

High earners in the country pay more taxes (34 per cent) than those in Singapore (20 per cent) and Canada (29 per cent).

The general exemption limit increased by Rs. 50000 in 80C includes 80ccc & 80ccd or covers only 80C??

Well sir it includes all the 3 sections. When it is said "exemption limit of 80C", it generally means all the 3 sections limit.

I hope its clear..