Income tax exemption limit raised to Rs.1.8 lakh

February 28th, 2011 - 2:08 pm ICT by IANS  

Pranab Mukherjee New Delhi, Feb 28 (IANS) Finance Minister Pranab Mukherjee Monday proposed to enhance the income tax exemption limit to Rs.1.8 lakh (Rs.180,000 or $4,000) for the next financial year, from Rs.1.6 lakh now.He announced this while presenting the federal budget for the next fiscal.

The minimum alternate tax levied on the corporate sector has, however, been increased to 18.5 percent from 18 percent and the surcharge has been lowered to 5 percent from 7.5 percent.

Mukherjee also said he was proposing a very senior category of income tax payers, above the age of 80, for whom the tax exemption will be up to Rs.5 lakh. The qualifying age limit for senior citizens was being lowered to 60 years from 65 years.

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