Union Budget: India raised the personal tax exemption limit by Rs. 50,000 for those below the age of 60 as finance minister Arun Jaitley presented his maiden budget aimed at boosting growth to create millions of new jobs.
The new exemption limit was fixed at Rs. 2.5 lakh — from the existing Rs. 2 lakh. For senior citizens, the exemption limit was raised from Rs. 2.5 lakh to Rs. 3 lakh. Besides, the government raised the tax exemption on home loans from Rs. 1.5 lakh to Rs. 2 lakh.
Retaining the tax collection targets, the government kept direct tax rates unchanged and said it will review the direct tax code proposal.
And Arun Jaitley said, in the current fiscal, the non-tax revenue was seen at Rs. 2.12 trillion rupees, while the capital receipts were seen at Rs. 739.5 billion.
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