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.

See – Income Tax Rate Chart for AY 2015-16 / FY 2014-15

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0 responses to “Income tax exemption limit hiked from Rs 2 lakh to Rs 2.5 lakh”

  1. krishnamurthy says:

    Tax deduction of RS.2000 UNDER SEC.87A INTRODUCED FOR ASS.YEAR 2014–15 IS IT ELIGIBLE FOR THE ASSESSMENT YEAR 2015–16 ALSO? KINDLY CLARIFY.

  2. Bhaskar Saha says:

    section 87A,applicable for 2015-16 or not

  3. CS Sunny Kakkar says:

    Yes u can claim the deduction of 80c of Rs 1 lacks as a tuition fees in A.y 2014-15.

  4. Narke Bhagwan says:

    Whether we can claim rs.100000/- under 80 c as tution fee

  5. Narke Bhagwan says:

    Whether i can claim tution fee for rs100000/- under 80 c

  6. t k dalal says:

    Whether this income tax rebate was given for tax upto Rs.2000/- for Sr Citizen also by the previous regime ?

  7. Mohan says:

    Hi

    New section 87A by Finance bill 2013 has been introduced for Income Tax Deduction of Rs. 2000/- for Assessment Year 2014-15. is it applicable for AY 2015-16? Please confirm

  8. s sudarshana says:

    In reality the hike is from 2.2 lakh to 2.5 lakhs as the income tax rebate was given for tax upto Rs.2000/= by the previous regime.

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