Income Tax limit raised by Rs 10,000

Finance Minister Pranab Mukherjee on Monday presented a Budget that affirmed the Government’s commitment to social welfare programmes and set a growth target of nine per cent for the economy.

Mukherjee on Monday proposed to increase the income tax exemption limit for senior citizens by Rs15,000, for women and others by Rs10,000 each, while keeping the corporate tax rate unchanged.

The exemption limit will now be Rs 2,40,000 for senior citizens, Rs1,90,000 for women and Rs1,60,000 for others.