Income Tax slabs remain unchanged

income-taxFinance Ministry has not changed the income tax slabs but he provided some relief to tax payers. The details:

  • In order to lessen tax burden on individuals with income not exceeding `5 lakhs ceiling of tax rebate under section 87A  was raised from `2,000 to `5,000. There are 2 crore tax payers in this category who will get a relief of `3,000 in their tax liability.
  • The people who do not have any house of their own and also do not get any house rent allowance from any employer today get a deduction of `24,000 per annum from their income to compensate them for the rent they pay. The limit of deduction in respect of rent paid under section 80GG increased from `24,000 per annum to `60,000 per annum, which should provide relief to those who live in rented houses.

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