Union Budget

Budget features for employees

- Lower limit increased from 1.6 Lakh to 1.8 Lakh (Amounting to Rs. 2000/- tax benefit).

- No difference in lower limit for women employees(Last year limit of  1.9 Lakh continues).

- Additional Rs.20000 will be tax free for investment in Infrastructure bonds.

-Salaried individuals will be exemted from submitting returns.

- Simplified return form 'Sugam' for small scale tax payers.

- Senor Citizen slabs increased to 2.5 Lakhs.

- Senor Citizen age reduced to 60 .

General Budget 2011-12 Highlights

- Budget aims at "transition towards transparent economy"

- Tax Exemptiom limit raised from Rs1.6 lakh to Rs 1.8 lakh.

No new tax exemption limit for women

- Exemption for investment in infra debt funds for another year.

- No difference in lower limit for women employees(Last year limit of  1.9 Lakh continues).

- Additional Rs.20000 will be tax free for investment in Infrastructure bonds.

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