India’s Union Budget was announced on February 28, 2011. Here the budget highlights for the salaried class:….
- Tax exemption limit for males is increased to Rs. 1,80,000 from 1,60,000.
- No increase in limit for females from existing 1,90,000.
- Tax exemption for senior citizen raised to Rs. 2.5 lakh from 2.25 lakh.
- Senior citizen age criteria is reduced to 60 years from existing 65 years.
- Tax exemption of Rs. 5 lakh for very senior citizen that is above the 80 years.
- One important announcement was that now salaried persons who do not have other source of income will need not to fill the income tax return.