Hi,
Please advise has president approved revised rates of tax as proposed in the Union Budget 2014-15.
Which says rebate of Rs 2,50,000/- and Saving of Rs 1,50,000/- u/s 80C
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Revised rates
Replies (1)
In union budget 2014, for a.y. 15-16
The rate for basic exemption limit for individual (age less than 60) is Rs. 2,50,000
The rate for basic exemption limit for individual (age 60 years or more) is Rs. 3,00,000
Rebate of 2000 is available if the income does not exceed Rs. 500000.
The deduction limit for 80C has increased to Rs. 150000. So a person can get deduction for LIC, medical insurance, housing loan installments etc up to Rs. 150000
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