Income Tax Structure 2014-15 announced in Budget 2014 Finance Minister presented Budget 2014 today. As far as Income Tax Structure 2014 -15 is concerned, it was announced in the Budget Speech there is no change in the income tax rate for the year 2014-15 (Assessment Year 2015-16) (i) The rates of income-tax in the…
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…
Income Tax 2014-15 – IT Exemption limit on Savings may be doubled – Media News Finance Minister Arun Jaitley is expected to double exemption limit on long-term financial savings to ease tax burden on the middle class in his maiden budget on Thursday, sources told NDTV. Currently, the income tax exemption limit on such savings…
Income Tax 2014-15 – Expectations of Salaried Employees on Income Tax Front in the ensuing Budget 2014-15 1. Increase in Income Tax Slabs, 2. Increase in limit for savings under Section 80C, 3. Hike in Limit for Interest on Housing Loan, 4. More Income Tax Concession to Health Insurance Premium Paid under Section 80 D…
Income Tax 2014-15 (Assessment Year 2015-16) – Salaried Women to get higher Income Tax Exemption Limit – media reports Good news for salaried women! Narendra Modi Government is considering higher income tax exemption limit for women in the budget for 2014-15. Finance minister Arun Jaitley is restructuring tax slabs and is thus set to approve a proposal to…
Personal Income Tax Exemption Limit may be raised from Rs. 2 lakh to Rs. 5 lakh by New Government – CBDT to submit report on June 20th The newly formed Government has proposed to increase Personal Income Tax Exemption to Rs. 5 lakh which is presently Rs. 2 lakh for Tax paying individual irrespective of…