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New government presented the Budget for the financial year 2014-15. There is some Benefit has been given to individual tax payers. Basic exemption limit has been increased by Rs 50000, Investment limit under section 80 C has been revised from Rs 1 lac to Rs 1.5 lac, home loan interest tax benefit for self occupied house also increased from 1.5 lac to 2 lac.
In this post we will try to see how much tax benefit individual tax payer will be getting from these changes.
Basic Exemption limit raised from Rs. 2 Lacs to Rs. 2.50 lacs for general category of individuals and from Rs. 2.5 lacs to 3 lacs for senior citizen. So in total Rs 50000 has been added to exempted limit.