Income Tax 2014 -15 – Highlights

Income Tax 2014 -15 – Highlights

Personal tax exemption limit raised to Rs 2.5 lakh from current Rs 2 lakh for taxpayers below 60 years

Senior citizens’ tax exemption limit hiked from Rs 2.5 lakh to Rs 3 lakh

No change in surcharge for corporates, individuals

Education Cess to stay at current 3%

Investment limit under Section 80C hiked to Rs 1.5 lakh from current Rs 1 lakh

Exemption on housing loans interest on self-occupied property increased from Rs 1.5 lakh to 2 lakh