Tax exemption limit raised by Rs.50,000

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M_Id_274378_TaxationNew Delhi:  Finance Minister Arun Jaitley Thursday raised the exemption limits for all individual tax payers by Rs.50,000 while keeping the rates untouched in the national budget for this fiscal.

The tax exemption limit for individuals below 60 years stands revised to Rs.250,000, subject to parliament’s approval, while for senior citizens it is proposed at Rs.300,000.

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This apart, deductions allowed under various heads such as investments in insurance, pension and house rent are also proposed to be raised by Rs.50,000 to Rs.150,000.