Income Tax AY 2015 - 16 (FY 2014 - 15)

·        Income up to Rs 2.5 lakhs for General Public and up to Rs. 3 lakhs for Senior citizens are now exempted from paying Income tax.

·        The exemption limit for investments under section 80C has been raised from Rs  1 Lakh to Rs 1.5 Lakhs.

·        The exemption on paying interest on Home Loan has been raised from Rs 1.5 Lakhs to Rs 2 Lakh.