Pranab announces no changes in savings instruments
Budget 2011-12 has given a marginal benefit on the tax slab for individuals. However the benefits for very senior citizens are higher. However the expectations that there will be changes in the investment avenues and their slabs have not been met.
February 28, 2011 / 19:51 IST
By Abitha Deepak of Bankbazaar.com
Budget 2011-12 has given a marginal benefit on the tax slab for individuals. However the benefits for very senior citizens are higher. However the expectations that there will be changes in the investment avenues and their slabs have not been met. Personal Income Tax SlabsThe basic slab for income tax has been proposed to be raised to Rs.1.8 lakhs from the current Rs.1.6 lakhs. This leads to a savings of Rs.2000 for all tax payers. Also for senior citizens the slab has been increased from Rs.2.4 lakhs to Rs.2.5 lakhs. The slab for women has not been changed from the earlier Rs.1.9 lakhs. Though the finance Minister did not mention this in his Budget Speech, this has been included in the documents submitted along with the budget statement.For the first time the finance ministry has aligned with other departments and has reduced the age for senior citizens from 65 years to 60 years. Till now the age for senior citizens has been 60 for all departments (think about railway ticket booking, and senior citizens fixed deposit at banks) except the Income Tax Department. Also the Finance Minister has created a new slab for Very Senior Citizens
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