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| Budget 2011 - Individual Taxation |
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| Personal \ Individual Taxation: |
Basic tax exemption limit for individuals increased to INR 180,000/-.
Basic tax exemption limit for senior citizens increased to INR 250,000/-.
No change in the basic tax exemption slab for women.
The Qualifying age for becoming senior citizens is reduced to 60 years from 65 years. This would entitle the senior citizens in the bracket of 60-65 also claim the benefit of the senior citizen slab rates.
New basic exemption slab limit of INR 500,000/- introduced for senior citizens attaining the age of 65 years and above.
Additional deduction of INR 20,000/- would be available to the individuals for investing in long term infrastructure bonds during the tax year 2011-12.
Power given to the Central Government to exempt certain class of persons from filing the return of income.
CA Sanjeev Kumar
CA Ritu Sarin |
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