Tax Exemptions

Income tax exemption limit raised to Rs 2 lakh

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 lakh under the 20 per cent tax slab. The current limit is Rs 8 lakh.

"My proposals on direct taxes are estimated to result in a net revenue loss of Rs 4,500 crore for the year," Mukherjee said.

The Budget also exempt up to Rs 10,000 of interest income from tax....more    

Budget: Increase tax breaks, says House panel

New Delhi: With just a week left before the Union Budget for the year 2012 is announced, the Parliamentary Standing Committee on Direct Taxes has recommended major tax reforms, including a raise in the tax exemption limit for annual income up to Rs 3 lakh. The panel has also recommended some changes in the tax rate on various income groups, ranging from 10 per cent to 30 per cent. According...  

IBNFocus: TDS process simplified

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Budget forecast: Tax exemption limit may be raised

Kingston: Stand-in captain Suresh Raina on Thursday admitted the need to spend some time with coach Duncan Fletcher in the nets in order to iron out some flaws in his batting. Raina who could muster only 74 runs from five ODIs was repeatedly out trying to play the wild slog over deep mid-wicket or extra cover. I need to spend some time in the middle. I just can't go out...  

Budget to bring higher tax exemptions

Savings in certain categories up to Rs 1.3-1.5 lakh a year may qualify for income tax exemption in the coming Budget. ...  

Tuition fees don't really ease tax woes

Tax exemptions on tuition fees are only a fraction of the total educational cost that people incur. ...  

Taxing problems for senior citizens

Justice Michael Saldana, hopes the current budget will finally help those who need it the most - senior citizens. ...  

Cit Journo: Upgrade medical limit

Cit Journo Ashok Goel appeals to Chidambaram to upgrade the Rs 15,000 limit on tax exemptions on medical expenses ...