Personal Income tax exemption limit raised by Rs.50,000 – Budget 2014

Personal Income tax exemption limit raised by  Rs.50,000 – Budget 2014

Personal Income-tax exemption limit raised by 50,000/- that is, from 2 lakh to 2.5 lakh in the case of individual taxpayers, below the age of 60 years. Exemption limit raised from 2.5 lakh to 3 lakh in the case of senior citizens.

Deduction limit on account of interest on loan in respect of self occupied house property raised from 1.5 lakh to 2 lakh.

Investment limit under 80C raised from Rs 1 lakh to Rs 1.5 lakh.

A further sum of 1000 crore to meet requirement for “One Rank One Pension”

The education cess to continue at 3 percent.