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Feb 28, 2011, 03.31 PM IST
Finance Minister Pranab Mukherjee today introduced a high new tax slab for senior citizens of 80 years and above. Unveiling the Budget proposals for 2011-12 in the Lok Sabha, he also proposed to reduce the age limit for consideration as senior citizens from 65 years to 60 years.
Under the on-going Indira Gandhi National Old Age Pension Scheme for Below Poverty Line (BPL) beneficiaries, the eligibility for pension will now be reduced to 60 years from 65 years at present. He also announced that the pension amount is being raised from Rs 200 at present to Rs 500 per month for those who are 80 years and above. Senior citizens will get tax exemption for income up to Rs 2.5 lakh, higher from Rs 2.4 lakh now. New tax slabs:
Old tax slabs:
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