Individuals with gross income up to Rs 6.5 lakh will not have to pay tax if they make investments in provident funds and prescribed equities.
New Delhi:
Individual taxpayers with annual income of up to Rs 5 lakh will get full tax rebate.
Individuals with gross income up to Rs 6.5 lakh will not have to pay tax if they make investments in provident funds and prescribed equities.
Standard tax deduction for salaried persons has been raised from Rs 40,000 to Rs 50,000.
TDS threshold on interest on bank and post office deposits has been raised from 10,000 to 40,000 rupees.