Income Tax exemption limit raised to Rs 2.5 lakh : Budget 2014-15

 Bringing cheer to individual taxpayers, Finance Minister Arun Jaitley in his maiden Union Budget 2014-15 in Parliament on Thursday, raised personal tax exemption limit to Rs 2.5 lakh from the current Rs 2 lakh. Income tax exemption limit for senior citizens has been raised to Rs 3 lakh.The Investment limit under Section 80C has also been hiked to Rs 1.5 lakh from the current Rs 1 lakh, while the FM increased housing loan interest ratededuction limit to Rs 2 Lakh.In further relief to the depositors, the FM announced that the

PPF (Public Provident Fund) deposit ceiling will be raised to Rs 1.5 lakh from the existing Rs 1 lakh.