Providing big relief to tax payers, Finance Minister Arun Jaitley announced a number of changes to the Income Tax Act in the Union Budget 2014-15. However, income tax rates and slabs have not been changed.
The Finance Minister has raised the exemption limit on income tax from Rs. 2 lakh to Rs. 2.5 lakh. For senior citizens, the exemption on income has been raised to Rs. 3 lakh per annum.
The Finance Minister has also hiked the tax-free cap on home loan interest from Rs. 1.5 to Rs. 2 lakh. Mr Arun Jaitley has also hiked the exemption limit on long-term financial savings, currently capped at Rs. 1 lakh, by Rs. 50,000.
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