Raise in Income Tax Exemption Limit in budget 2011-12
As all are expected, the Government today increased the Income Tax exemption limit.
- Government today increased the IT Limit from 1.6 lakhs to 1.8 Lakhs.
- For senior citizens of above 80 years the new tax exemption limit is Rs 5 lakhs.
- Exemption for senior citizens raised to Rs. 2.5 Lakhs.
- Age limit of senior citizens to claim tax exemption reduced to 60 years.
- Relaxation in e-filing norms for small tax payers.
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No change in Tax Slab for Women.
No change in TAX Slab for Women.
NO Declaration of Dearness Allowance for January 2011.
As we mentioned in our earlier post of Proposed IT Limit the government increased the Tax limit of Rs, 20,000.
New Income Tax Slab 2011-12
No change in Income Tax Slabs for F.Y 2011-2012 except the Increase in tax Exemption Limit.
Benefits for Central Government Employees in Budget
- The Main benefit is in the Increase in the Income tax limit.
- There is an increase of 20,000 in slab.
- Direct Tax Code will be implemented from April 2012.
- Will simplify the tax structure.
- I-T exemption limit raised from 1.6 lakh to 1.8 lakh
- Tax exemption limit raised to Rs 5 lakhs for senior citizens above 80 years.
Highlights of Union Budget 2011-12
- Subsidies for Kerosene and LPG for BPL Families
- Farmers to get 3% reduction in load if payment is done regularly.
- Created Women Self Help Group Development Fund.
- No metro Rail Project in Cochin.
- Double salary for Anganwadi Workers.
- Old age pension over the age of 80 raised from Rs 200 to Rs 500
- Ex-gratia payment for disabled defence personne.
- Housing Loans upto 15 lakhs rs to get 1% interest reduction.
- Indian Stamp act will be amended.
Are you Satisfied with the New IT exemption limit?
There is an increase in IT exemption limit in this budget. Apart from this there is not much attractive offers for employees. Still got a good budget as far as a common man is concerned.
So are you satisfied with this Budget ? Do you think the IT slab should be increased some more ?
Share your suggestions below the comment section.
Share with the world !!
Is there any change for handicapped employee for income tax relief?
I am requesting our honourable RAILWAY MINISTER to increase the age limit of the son of Railway employees from 21 to 25 to enjoy the railway pass and medical facilities as in the present employment scenario none could establish himself before an age of 25. - ANIRBAN PAUL, SSE, SHOP NO -14, KHARAGPUR WORK SHOP, S.E. RAILWAY, anirbanpa@yahoo.com
Pranab Mukherjee failed to address issues like rise in prices and the Income tax exemption was not in tune with the inflationary trend. Nor he increased the savings limit from 1 lakh to 3 lakh. very mediocre budget for common man and Government servants. Only politicians and business tycoons would be earning Rs 5 lakh at the age of 80 yrs so it would only benefit them.
This budget has brought more tax burden on the salaried persons. Expected to increase the deduction under 80c which has not been done. Salaried class are the only class who are paying taxes sincerely and the FM has done injustice to them by not increasing tax slab even.
B.K.Dhar
The increased exeption of Rs.20000 will swallow the additional D.A. amount and employees will not get any financial benefit. The D.A. paid by govt. does not cover the cost of increase in commodities. It should have been increased to Rs.2.50 lakhs. Otherwise the D.A. paid to meet the cost of inflation should be exempted from I.T and the I.T. exemption limit can be reduced to Rs.1.5 lakhs for all the citizens/salaried people.
What exemption will I get under Section 80DD if the person is dependent upon me is physically handicapped (more than 40%)in income tax? Is is upto Rs. One Lakh?
please reply through e-mail for the question asked for Section 80DD