New Income Tax Exemption Limit FY 2011-2012

Raise in Income Tax Exemption Limit in budget 2011-12

As all are expected, the Government today increased the Income Tax exemption limit.  

·         Government today increased the IT Limit from 1.6 lakhs to 1.8 Lakhs.

·         For senior citizens of above 80 years  the new tax exemption limit is Rs 5 lakhs.

·         Exemption for senior citizens raised to Rs. 2.5 Lakhs.

·         Age limit of senior citizens to claim tax exemption reduced to 60 years.

·         Relaxation in e-filing norms for small tax payers.

·         No change in Tax Slab for Women.

No change in TAX Slab for Women.

NO Declaration of Dearness Allowance for January 2011.

Benefits for Central Government Employees in Budget

·         The Main benefit is in the Increase in the Income tax limit.

·         There is an increase of  20,000    in slab.

·         Direct Tax Code will be implemented from April 2012.

·         Will simplify the tax structure.

·         I-T exemption limit raised from 1.6 lakh to 1.8 lakh

·         Tax exemption limit raised to Rs 5 lakhs for senior citizens above 80 years.

Source: www.imyideas.com

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