Basic exemption limit to be increased from Rs. 2 lakhs to Rs. 2.5 lakhs for an individual below the age of 60 years and from Rs. 2.5 lakhs to Rs. 3 lakhs ,in case of an individual who is of age of 60 years or above, but below the age of 80 years.
The existing limit of deduction under section 80C to be increased from Rs. 1 lakh to Rs. 1.5 lakhs. The annual ceiling limit for investment in Public Provident Fund to be increased from Rs. 1 lakh to Rs. 1.5 lakh.
The deduction in respect of interest on housing loan borrowed for acquisition or construction of self occupied house property to be enhanced from Rs. 1.5 lakhs to Rs. 2 lakhs.
No change proposed in the income tax rate,surcharge and education cess.
The existing limit of deduction under section 80C to be increased from Rs. 1 lakh to Rs. 1.5 lakhs. The annual ceiling limit for investment in Public Provident Fund to be increased from Rs. 1 lakh to Rs. 1.5 lakh.
The deduction in respect of interest on housing loan borrowed for acquisition or construction of self occupied house property to be enhanced from Rs. 1.5 lakhs to Rs. 2 lakhs.
No change proposed in the income tax rate,surcharge and education cess.
