Exemption limit for income tax by just Rs 20,000 from Rs 1,80000 to Rs 2 lakh...

Government raised the exemption limit for income tax by just Rs 20,000 from Rs 1,80000 to Rs 2 lakh.

The new tax slabs are as follows:

Up to Rs 2 lakh: No tax

From Rs 2 lakh to 5 lakh: 10%

From Rs 5 lakh to 10 lakh: 20%

Above Rs 10 lakh: 30%

The homeowners of apartments can enjoy tax exemption of Rs. 5000/. Spent on maintenance.  This exemption level has been increased from Rs.3000/- to Rs. 5000/-

Exemption permitted upto Rs 5000/- for expenses incurred on Preventive Health Check up

Exemption of Rs 10000 on interest earned from Savings Bank depsosits for people with income upto Rs 5 Lakh

Source: AIRF

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