Budget 2014: Income Tax Exemption Limit Raised to Rs 2.5 Lakh

  • 0:46
  • Published On: July 10, 2014
Cinema View
Embed
In big relief to tax payers, Finance Minister Arun Jaitley announced a number of changes to the Income Tax Act. The FM has raised the exemption limit on income tax from Rs 2 lakh to Rs 2.5 lakh. For senior citizens, the exemption on income has been raised to Rs 3 lakh per annum. Mr Jaitley has also hiked the exemption limit on long-term financial savings, currently capped at Rs 1 lakh, by Rs 50,000. Savings instruments such as housing loan repayment (principal), five-year and above tenure fixed deposits, provident funds (PFs) and life insurance policy premiums are some investment vehicles that qualify for tax exemption under Section 80C of the Income Tax Act. (Read more)

Related Videos

Real Estate and Home Décor: Hottest Trends of 2014
January 03, 2015 21:23
Subsidy Burden is Very High: Arun Jaitley
July 18, 2014 39:03
Ambit Sees Sensex at 30,000 by March
July 18, 2014 12:31
Budget a 'Lost Opportunity' for Government: Ambit
July 16, 2014 18:15
Fiscal Deficit Target Not Realistic: Bimal Jalan
July 14, 2014 13:58
New Risk for FIIs?
July 14, 2014 21:09
Like Cement Stocks After Correction: Reliance MF
July 14, 2014 24:33
Watch: Rebooting India's Economy - The Road Ahead
July 12, 2014 52:14
Budget Implications on the Advertisement Industry
July 12, 2014 22:42
The Modi Budget and Education
July 11, 2014 21:36
Decoding the Modi Government's Maiden Budget
July 11, 2014 17:58
Not Happy With Budget: T P Ostwal
July 11, 2014 18:00
  • Kolkata's Iconic Park Street Lit Up Ahead Of Christmas
    December 19, 2024 2:00

    Kolkata's Iconic Park Street Lit Up Ahead Of Christmas

  • PM Modi Attends Christmas Celebrations At George Kurian's Home
    December 19, 2024 0:29

    PM Modi Attends Christmas Celebrations At George Kurian's Home

  • Police Case Registered Against Rahul Gandhi For "Injuring" 2 BJP MPs
    December 19, 2024 7:20

    Police Case Registered Against Rahul Gandhi For "Injuring" 2 BJP MPs

  • J&K News | Omar Abdullah Meets Amit Shah To Seek Timeline For Early Statehood Restoration
    December 19, 2024 4:30

    J&K News | Omar Abdullah Meets Amit Shah To Seek Timeline For Early Statehood Restoration

  • 5 Terrorists Killed In Encounter With Security Forces In J&K's Kulgam
    December 19, 2024 2:31

    5 Terrorists Killed In Encounter With Security Forces In J&K's Kulgam

  • Post Fed Decision, Spotlight on Trump's Decisions
    December 19, 2024 1:26

    Post Fed Decision, Spotlight on Trump's Decisions

  • Mumbai Boat Disaster: Where Does The Buck Stop?
    December 19, 2024 11:48

    Mumbai Boat Disaster: Where Does The Buck Stop?

  • 'Nothing Can Stop India': Arvind Panagariya to NDTV
    December 19, 2024 13:58

    'Nothing Can Stop India': Arvind Panagariya to NDTV

  • Return Of Ambedkar: The War Over Icon's Legacy
    December 19, 2024 18:41

    Return Of Ambedkar: The War Over Icon's Legacy

  • "Human Error" Caused Chopper Crash That Killed CDS Bipin Rawat: Panel Report
    December 19, 2024 2:19

    "Human Error" Caused Chopper Crash That Killed CDS Bipin Rawat: Panel Report

  • New Low In Parliament: Scuffle, Injuries, Barbs And FIRs
    December 19, 2024 26:02

    New Low In Parliament: Scuffle, Injuries, Barbs And FIRs

  • US Fed Rate | Post Fed Decision, Spotlight on Trump's Decisions
    December 19, 2024 5:53

    US Fed Rate | Post Fed Decision, Spotlight on Trump's Decisions

  • Scuffle Session: Injury Vs Injury Claims Paralyse Parliament
    December 19, 2024 23:36

    Scuffle Session: Injury Vs Injury Claims Paralyse Parliament

  • 'Pushpa 2' Unstoppable At The Box Office
    December 19, 2024 9:32

    'Pushpa 2' Unstoppable At The Box Office

  • CT Ravi, Other BJP MLCs Taken Into Custody
    December 19, 2024 1:28

    CT Ravi, Other BJP MLCs Taken Into Custody

  • What Next For KTR?
    December 19, 2024 3:36

    What Next For KTR?

  • Karnataka News | BJP Leader CT Ravi Taken Into Preventive Custody
    December 19, 2024 1:48

    Karnataka News | BJP Leader CT Ravi Taken Into Preventive Custody

  • Corruption Case Filed Against KTR Over Hyderabad Formula E Race Issue
    December 19, 2024 3:45

    Corruption Case Filed Against KTR Over Hyderabad Formula E Race Issue

  • Congress' Vijay Vasanth On His Journey From Acting To Politics
    December 19, 2024 8:08

    Congress' Vijay Vasanth On His Journey From Acting To Politics

  • "Entitled To Relief": Vijay Mallya On Banks Recovering Rs 14,131 Crore Assets
    December 19, 2024 0:34

    "Entitled To Relief": Vijay Mallya On Banks Recovering Rs 14,131 Crore Assets

  • Champions Trophy 2025 Venue Out But India, BCCI Pay Big Price Due To ICC 'Compromise'
    December 19, 2024 2:08

    Champions Trophy 2025 Venue Out But India, BCCI Pay Big Price Due To ICC 'Compromise'