The budget announcement brings in additional relief for more household savings
Earlier, the last date for filing the income tax returns was August 31 (Representational Image)
Mumbai: The Budget 2014 announcements made by Finance Minister Arun Jaitley on July 10 2014 brought a big relief for tax payers with no changes made to the income tax rates and the exemption limits further hiked by Rs 50,000 to Rs 2.5 lakh. In addition to the tax savings, investment limit under 80c has also been hiked by Rs 50,000 to Rs 1.5 lakh.
To further increase the household savings for the common man, the Budget 2014 also hiked the PPF (Public Provident Fund) to 1.5 lakh. PPF is considered as one of the most popular and fruitful tax-saving schemes for the common man.
( Source : dc )
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