-Increase the personal income tax exemption limit by Rs 50,000 - TopicsExpress

-Increase the personal income tax exemption limit by Rs 50,000 from Rs 2 lakh to Rs 2.50 lakh in case of all individual tax payer who are below the ago of 60 years -Raised tax exemption limit from Rs 2.5 lakh to Rs 3 lakh in the case of senior citizens. -No change in the rate of surcharge for either for corporates or individual. The education cess for all tax payers shall continue at 3 per cent. -Deduction u/s 80C investment limit has been raised to Rs 1.5 lakh from the existing Rs 1 lakh to encourage savings. -Investment in Public Provident Fund up to Rs 1.5 lakh would now be exempt from tax. This was earlier pegged at Rs 1 lakh. -Raised tax deduction limit on account of interest of housing loan in case of self occupied property to Rs 2 lakh from Rs 1.5 lakh.

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