For Salaried Class: Income Tax exemption limit for individual tax payers enhanced from Rs.1,60,000 to Rs.1,80,000.
Senior Citizen from 2.4 Lakhs to 2.5 Lakhs.
Qualifying age for senior citizens lowered to 60 from 65;
Senior citizen above 80 year to get Rs.5,00,000 IT exemption
Salary earners with income up to Rs 5 lakh need not file returns.
A big relief from tax filing process for the salaried class, Finance Minister today proposed to exempt them from filing tax returns unless they have other sources of income.
This order, which will come into effect from June 1, 2011.
Senior Citizen from 2.4 Lakhs to 2.5 Lakhs.
Qualifying age for senior citizens lowered to 60 from 65;
Senior citizen above 80 year to get Rs.5,00,000 IT exemption
Salary earners with income up to Rs 5 lakh need not file returns.
A big relief from tax filing process for the salaried class, Finance Minister today proposed to exempt them from filing tax returns unless they have other sources of income.
This order, which will come into effect from June 1, 2011.
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