• Mar
  • 01
  • 2011

Income Tax Exemption Limit for Individuals & Senior Citizens – Budget 2011

Exemption Limit for Individual Tax Payers Raised to Rs.1,80,000
Qualifying age for Senior Citizens Lowered to 60 Years
Senior Citizens above 80 Years to Get Exemption upto Rs. 5,00,000

The exemption limit for the general category of individual tax payers has been enhanced to Rs. 1,80,000 from Rs. 1,60,000 in the General Budget 2011-12, presented by the Union Finance Minister, Shri Pranab Mukherjee in the Lok Sabha today. The measure will provide a uniform tax relief of Rs. 2,000 to every tax payer of this category, besides moving closer to Direct Tax Code (DTC) rates.

Qualifying age for Senior Citizens has been reduced from 65 years to 60 years and exemption limit for Senior Citizens has been enhanced from Rs. 2,40,000 to Rs. 2,50,000. A new category of Very Senior Citizens, 80 years and above, has been created who will be eligible for a higher exemption limit of Rs. 5,00,000.


8 Responses to “Income Tax Exemption Limit for Individuals & Senior Citizens – Budget 2011”

  1. Peeyush Goel says:

    Sir,
    My father is above 80 yrs an TDS on SENIOR CITIZEN SAVING SCHEME is detected by POST OFFICE while withdrawing the quarterly payment in the month of June’14 after submitting 15-H to the concerned post office. TDS is deducted at the rate of 10% and 20% seperately on seperate deposits.Please suggest the right way to proceed in this case as the post office is not showing their response and showing their irresponsiblity.Thanks and please reply soon.

  2. Rabindranath Sengupta says:

    Honorable Sir ,
    My date of Birth is 5thAugust1955. Till I am working in a Business House. My annual Income approx 5.25lac per annum Is my age is permissiable under senior citizen head in the eye of Income Tax considering the financial year 2013-2014. . Kindly Inform per mail.If not form which date I will be entitailed to cover the same . Please also guide me the Exemption etc and amount of tax is payable . for the F.Y 2013-2014

  3. santosh says:

    what is calculation regarding to senior citizen what is the material date for senior citizen , one person was born on 25-6-1952 is he come under senior citizen for the FY 2011-2012 , another person was born on 25-6-1951 is he come under senior citizen for the FY 2011-2012 ,

  4. naik says:

    Sir, I am 60 years old.What is tax limit to senior citizen as per the enhanced limit in the recent budget 2011-2012

  5. Pallavi says:

    Please tell if I took this month any Insurance policy for value of Rs.50,000/- worth
    is this can exempt in Tax?
    kindly give me answer, if anybody know the details

  6. R.L.Garg says:

    According to Finance Minister declarations every individual will save Rs 2000 in tax. If it is so, it create an anomoly if women and Senior Citizen who has crossed 65 but not 80 years shoul be considered for the bsame saving of atleast Rs 2000

  7. Madhu says:

    What is the tax excemption limit for women according to budget 2011-12

  8. N.L.N.SWAMY says:

    THE BASIC EXEMPTION FOR WOMEN RAISED TO RS190000/-W.E.F.THE ASST YEAR 2010-2011 WHEREAS TIN THE BUDGET F.M. ANNOUNCED THE BASIC EXEMPTION FOR WOMEN AT RS 180000/- WHETHER THERE IS INCREASE OR DECREASE FOR THE ASST YEAR 2012-2013.

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