It has been recomended that the slabe rate, exemption will be increased as under :
1) For Residance Indian Male should exempt upto Rs. 2.5 Lacs.
2) For Residance Indian Woman should exempt upto Rs. 3.00 Lacs
3) For Residance Senior Citizen should exempt upto Rs. 3.5 Lacs
4) Deduction under section 80C to 80 U should be Rs. 3.00 Lacs (Consolidated)
5) Standred Deduction may be applied @ 20% on Gross Income for Salary employee
6) Tution Fee Rs. 2000/- for each child upto Rs. 4000/- for both child.
7) Travelling upto Rs. 3500/- instead of Rs. 800/- per month
if above recomendation will resume, it will be better for the working professtionals. In this time rate of every things has aleady been increased. one should keep in mind to the general public specialy growing professtion.
Regards,
Gyasuddin
CAclubindia
