CA Sandeep Kanoi
During Election Campaign Finance Minister Arun Jaitley has advocated increase in Person Income Tax exemption Limit to Rs. 5 Lakh and given high hopes to Middle class especially Salaried person in respect of Increase in Income Tax exemption Limit but after becoming Finance Minister Mr. Jaitley realised the Budget Constraint and was able to provide only a Marginal relief to tax payers.
In a marginal relief to the individual taxpayers, Finance Minister Arun Jaitley has increased the income tax exemption limit from Rs 2 lakh to Rs 2.5 lakh for citizens up to 60 years.
For senior citizens below the Age of Sixty Years the limit was hiked to Rs 3 lakh from existing Rs. 2.50 Lakh.
For Senior Citizens above the Age of 80 Years there in no Change in Income Tax Slabs.