NEW DELHI / NDTV Profit / News / Press Trust of India / August 30, 2010
The Bill proposes to raise the tax exemption limit for senior citizens above 65 years to Rs. 2.5 lakh per annum from Rs. 2.4 lakh at present.
The income tax exemption limit for general tax payers has been proposed at Rs. 2 lakh, up from Rs. 1.6 lakh at present.
The Bill, however, is silent on women tax payers. Under the existing rules, the income tax exemption limit for women tax payers is Rs. 1.9 lakh per annum, as compared to Rs. 1.6 lakh for general tax payers. As there is no special category for women, their incomes will be taxed at the rates applicable for general tax payers.
However, tax experts believe that the government will later on include a 'women' category in the Bill when it comes up for deliberation in the Parliament Committee.
"The women category would be included later on in the DTC Bill. It is possible that the exemption limit would also increase," PWC Executive Director (Tax and Regulatory Services) Ajay Kumar said.
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