Income Tax Exemption limit increased by 50000 Budget 2014-15

To Provide marginal relief to tax payer.Tax limit from income tax has been rasied from currently 2Lakh to 2.5 Lakh.For senior citizen the exemption limit will be Rs 3Lakh..Further Investiment under section 80C of income act being increased from currently 1 lakh to 1.5 lakh .Deducation limit for interest on housing loan has been increased from 1.5 lakh to 2lakh

Tax Slab for an individual( below 60year)

Total income upto 2.5 Lac -------------------------0%
Total income above 2.5 lac and below 5Lakh-------10 % on amount exceeding Rs 2.5 Lac
Total income above Rs 5lac and below Rs 10 Lac---20% on income exceeding Rs 5 Lakh +Rs 25000
Total income more than Rs 10 Lac ------------------30% on income exceeding Rs 10 Lakh +Rs 1,25,00

Tax Slab for an individual( above 60year)

Total income upto 3.0 Lac ----------------------------0%
Total income above 3.0 lac and below 5Lakh---------10 % on amount exceeding Rs 3.0 Lac
Total income above Rs 5lac and below Rs 10 Lac----20% on income exceeding Rs 5Lakh+Rs 20000
Total income more than Rs 10 Lac --------------------30% on income exceeding Rs 10 Lac+Rs 1,20,00