In Union Budget, finance Minister Mr. Mukherjee proposed to raise the income tax exemption limit for general tax payers to Rs 1.80 lakh per annum from Rs 1.60 lakh at present and introduced a high new tax slab for senior citizens of 80 years and above. Also, he proposed to reduce the age limit for consideration as senior citizens from 65 years to 60.
The new exemption for Senior citizens will be for income up to Rs 2.5 lakh, higher from Rs 2.4 lakh now.
