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Budget 2011 - India

posted Feb 28, 2011, 1:55 AM by Priya S

Change in Direct taxes - for the Common man:
  • Personal income tax exemption limit raised to Rs 180,000 from Rs 160,000 for individual tax payers.
  • For senior citizens, the qualifying age reduced to 60 years and exemption limit raised to Rs 2.50 lakh.
  • Citizens over 80 years to have exemption limit of Rs 5 lakh. 
  • A new revised income tax return form 'Sugam' to be introduced for small tax payers.
Given the present state of inflation, the increase of Rs.20k in the incometax exemption limit would not be justified at all. But so far as the seniors above 60 years are concerned, they would breathe a sigh of relief since the qualifying age has come down to 60 years. I wonder how many citizens over 80 would survive to enjoy the exemption limit of Rs.5 lakh. Anyway atleast for the lucky few who surpass 80 years and are luckier enough to earn more than Rs.5 lakh this would be a welcome change.
 
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