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BW Businessworld

Video: Tax Matters

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For individual taxpayers, Finance Minister Arun Jaitley in his maiden Union Budget 2014-15 in Parliament on Thursday (10 July), raised personal tax exemption limit to Rs 2.5 lakh from current Rs 2 lakh. Now for income up to Rs 2.5 lakh, tax is nil, above Rs 2.5-5 lakh, it is 10 per cent, between Rs 5-10 lakh, tax rate is 20 per cent and above Rs 10 lakh, it remains 30 per cent. Income tax exemption limit for senior citizen (60-80) has been raised to Rs 3 lakh.  For senior citizens above 80 (upto Rs 5 lakh) income is tax free. The Investment limit under Section 80C has also been hiked to Rs 1.5 lakh from current Rs 1 lakh while FM hiked housing interest rate deduction limit to Rs 2 Lakh. Adding further relief to the depositors, FM announced that the PPF (Public Provident Fund) deposit ceiling will raised to Rs 1.5 lakh from existing Rs 1 lakh.

Sujit Parakh, Director, Deloitte-Direct Tax, talks to BW|Businessworld's Neeraj Thakur on personal income tax and other tax matters