Budget 2014 : FM proposes to give some relief to individual tax payers

No changes in tax rate but FM proposes increases personal income tax exemption to Rs 2.5 lakh

Tax exemption increased to Rs 3 lakh for senior citizens

80C exemption limit increased to R 1.5 lakh

EMI exemption for self-occupied property raised to Rs 2 lakh

No changes in corporate tax

Finance Minister has also provided an investment allowance at 15 percent for three years to manufacturing companies which invest more than Rs 25 crore in plant and machinery.

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