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HR Zone » General Awareness » Explanation of New Tax Slabs for An Individual for FY 2014-15

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Explanation of New Tax Slabs for An Individual for FY 2014-15
Bhagwan
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Posted 11-07-2014Reply

1. Exemption limit raised from Rs 2.5 lakh to Rs 3 lakh in the case of senior citizens.

2.No change in the rate of surcharge either for the corporates or the individuals, HUFs, firms etc.

3.The education cess to continue at 3 percent.

4.Investment limit under section 80C of the Income-tax Act raised from Rs 1 lakh to Rs 1.5 lakh.

5.Deduction limit on account of interest on loan in respect of self occupied house property raised from Rs 1.5 lakh to Rs 2 lakh.

6.Here is some good news for individual tax payers under the age of 60 years as Finance Minister Arun Jaitley increased the exemption limit on income to Rs 2.50 lakh from the current Rs 2 lakh.



The savings limit under Income Tax Act Section 80C has also been hiked by Rs 50,000 to Rs 1.5 lakh while housing loan exemption limit has also been raised to Rs 2 lakh from Rs 1.5 lakh.



Those aged above 60 have also go some relief as income tax exemption limit for them has been raised to Rs 3 lakh from Rs 2.5 lakh.



If you are in the highest tax bracket of 30 per cent, you can save up to a maximum of Rs 35,000 per year. The Rs 50,000 hike in income tax exemption limit will lead to savings of Rs 5,000, while by making investments under 80C you can save Rs 15,000 more.



If you have housing loan then you can save an extra Rs 15,000 which will result in a maximum tax saving of 35,000 per year.

Direct tax proposals



· 10-year tax holiday extended to the undertakings which begin generation, distribution and transmission of power by 31.03.2017.



· Income arising to foreign portfolio investors from transaction in securities to be treated as capital gains.



· Concessional rate of 15 percent on foreign dividends without any sunset date to be continued.



· The eligible date of borrowing in foreign currency extended from 30.06.2015 to 30.06.2017 for a concessional tax rate of 5 percent on interest payments. Tax incentive extended to all types of bonds instead of only infrastructure bonds

7.



Source: Reuters
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