New Delhi, Feb 28: Finance Minister Pranab Mukherjee has given a saving of Rs 2,060 per annum to male income tax payers by raising the exemption limit from Rs 1.60 lakh to Rs 1.80 lakh.
For women, Mukherjee has not given any benefit by retaining the exemption limit at Rs 1.90 lakh per annum.
However, senior citizens, especially male, will be the gainers. First the eligibility criteria has been reduced from 65 years to 60 years of age and second, there is a major benefit for those above 80 years earning Rs 5 lakh per annum and above.
For 'Very Senior Citizens' (above 80 years of age) earning Rs 5 lakh and above the tax savings would be Rs 26,780 per annum.
However, those earning up to Rs 3 lakh in the above said category, would save Rs 6,018 in a year.
The impact on tax liability for different income slabs for male, female, senior citizen and very senior citizen are given in the following tables as calculated by global advisory firm KPMG:
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Income Men Sr Citizens Vry Sr Citizen
Below 60 yrs 60-80 yrs(MALE) above 80 yrs
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Rs 5 lakh
Old Slab Rs 35,020 Rs 35,020 Rs 26,780
New Slab Rs 32,960 Rs 25,750 Rs ---
Saving Rs 2,060 Rs 9,270 Rs 26,780
Rs 8 lakh
Old Slab Rs 96,820 Rs 96,820 Rs 88,580
New Slab Rs 94,760 Rs 87,550 Rs 61,800
Saving Rs 2,060 Rs 9,270 Rs 26,780
Rs 15 lakh
Old Slab Rs 3,13,120 Rs 3,13,120 Rs 3,04,870
New Slab Rs 3,11,060 Rs 3,03,849 Rs 2,78,099
Saving Rs 2,060 Rs 9,270 Rs 26,780
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