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Union Budget 2014-15: Tax exemption limit raised by Rs 50,000 to Rs 2.5 lakh

The tax exemption limit for individuals below 60 years stands revised to Rs.250,000, subject to parliament's approval, while for senior citizens it is proposed at Rs.300,000.

twitter-logo IANS   New Delhi     Last Updated: July 10, 2014  | 20:09 IST

Finance Minister Arun Jaitley on Thursday raised the exemption limits for all individual tax payers by Rs.50,000 while keeping the rates untouched in the national budget for this fiscal. FULL COVERAGE:Union Budget

The tax exemption limit for individuals below 60 years stands revised to Rs.250,000, subject to parliament's approval, while for senior citizens it is proposed at Rs.300,000. BUDGET SPEECH:Full text | Video

This apart, deductions allowed under various heads such as investments in insurance, pension and house rent are also proposed to be raised by Rs.50,000 to Rs.150,000.

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