Direct Tax Highlights
Income tax department is expected to function not only as an enforcement dept but also as a facilitator
Net effect of direct tax proposals is revenue loss of Rs 22,200 crore
60 more ‘Ayakar Sewa Kendras’ to be set up.
Housing loan rebate to raised from 1.5 lakh to 2 lakh: Jaitley
Investment limit under 80C raised from Rs 1 lakh to Rs 1.5 lakh
Tax exemption limit for small and marginal, and senior tax payers changed from Rs 2 lakh to Rs 2.5 lakh.
Personal income tax limit increased by Rs 50,000 for people below 60 years.
No changes in tax rates for individuals.
FM raises PPF ceiling to Rs 1.5 lakh