Budget: IT exemption limit raised to Rs 1.8 lakh

Feb 28, 2011 |

IANS

New Delhi

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Finance minister Pranab Mukherjee on Monday proposed to enhance the income tax exemption limit to Rs 1.8 lakh 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 per cent from 18 per cent and the surcharge has been lowered to five per cent from 7.5 per cent.

Mr 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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