Tax exemption with respect to income tax slab

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  1. basiljohn

    basiljohn New Member

    Whether the tax deduction of 2.5+1.5 = 4 lakhs is applicable to all income groups according to the income tax slab during the financial year 2014-15. Or is it applicable only to less than 5 lakhs income group?
    Please respond ASAP.
  2. gaurav_kumar

    gaurav_kumar Well-Known Member

    Upto Rs. 2.5 Lakhs income - No Income Tax is levied
    And the limit for claiming deduction under section 80C has also been increased to Rs. 1.5 Lakhs

    The above is applicable to all individual taxpayers irrespective of their total income.
  3. basiljohn

    basiljohn New Member

    Thank you for the reply.
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