Income Tax Exemptions

  • Budget 2014: I-T exemption limit hiked by Rs 50000, save a maximum of Rs 35000 per year July 10, 2014

    There is some good news for individual tax payers under the age of 60 years as Finance Minister Arun Jaitley increased the exemption limit on income to Rs 2.50 lakh from the current Rs 2 lakh. The savings limit under Income Tax Act Section 80C has also been hiked by...
  • Tax exemption to parties in 5 years: Rs 2,490 cr December 2, 2012

    New Delhi: Ten main political parties of the country had a whopping Rs 2,490 crore of tax-exempted income in the last five years, according to information from the Income Tax department through an RTI plea. Of this the ruling Congress and the main Opposition party BJP have cornered more than...
  • Income tax exemption limit raised to Rs 2 lakh March 16, 2012

    New Delhi: Giving some relief to tax payers, Finance Minister Pranab Mukherjee on Friday proposed raising the income tax exemption limit for individuals to Rs 2 lakh per annum from Rs 1.80 lakh. Unveiling the Budget proposals for 2012-13 in the Lok Sabha, he also increased the limit to Rs 10...
  • I-T exemption limit may be raised to Rs 3 lakh February 24, 2012

    New Delhi: Ahead of the Budget, a key Parliamentary panel scrutinising the Direct Taxes Code (DTC) is likely to recommend raising of income tax exemption limit to Rs 3 lakh and tax breaks on investments to Rs 2.5 lakh. "There is a consensus among the members that annual tax exemption limit...