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Budget Highlights-Personal tax


Budget Highlights - Personal Tax

 1. Income tax exemption limit raised from Rs 2 lakhs at present to Rs 2.5 lakhs 

 2. For Senior Citizens Income tax exemption limit raised from Rs 2.5 lakhs to Rs 3.0 lakhs

 3. Section 80C investment limit raised from Rs 1 lakh to Rs 1.5 lakh for tax benefits

 4. Tax exemption on interest component on housing loan raised from Rs 1.5 lakhs  to Rs 2 lakhs

 5. Annual Public Provident Fund PPF ceiling to be enhanced from Rs 1 lakh to to Rs 1.5 lakhs

 6. A special small saving scheme will be introduced encourage savings towards education & marriage of girl child

 7. Kisan Vikas Patra to be reintroduced for planned and unplanned savings under small savings schemes

 8. Proposal to Introduce single demat account for all types financial transactions

 9. Proposal to Introduce Standardized KYC Norms and single KYC across financial sector

10. EPFO to launch unified account scheme to ensure Provident Fund portability

11. Cheaper Housing Loan & Tax Incentive for LIG.

12. Insurance sector FDI to be hiked to 49%, from 26% leading to increase
     in Insurance penetration.

13. Long Term Capital Gain tax on Debt Mutual Funds increased from 10 % to 20% and tenure increased from 12 to 36 months.