The Finance Minister in the budget for 2013-14 has decided to grant some relief to individual tax payers in the country. The existing non taxable income limit is raised from 2 Lakhs to 2.5 Lakhs per individual. The exemption was raised from 2.5 Lakhs to 3 Lakhs for Senior Citizens Tax Payers. At the same time investment limit under 80C was raised to 1.5 Lakhs. Individuals get tax exemption made under this section in LIC Premiums, National House Schemes, Post Office Saving schemes, Mutual funds etc. Both this moves will slightly help individual tax payers to take home more salaries.
On the other side, the finance Minister also tried to ease burden of Home Loans. There is no change in the interests on home loans but the housing loan rebate was hiked from 1.5 Lakhs to 2 Lakhs. This will also help middle class people realize the dreams of owning a house. All in all the budget may not bring that broad smile for employees but will give some relief.
