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BUDGET 2017-2018 Special

Latest Updates -
-The latest income tax slabs for 2017-2018 can be found here - Income tax slabs 2017-18.

-The latest free income tax calculator to calculate your latest tax and to compare your tax savings from previous year can be found here
Free Income Tax calculator for calculating tax for 2017-18.

Budget 2011 highlights including tax slab changes

The Finance Minister Pranab Mukherjee presented the union budget today in Parliament. The main highlights of the budget.
  • Income Tax exemption limit for individuals raised from Rs. 1.6 lakh to Rs. 1.8 lakh. And Senior citizens base slab shifted to 2.5 lakh from existing 2.4 lakh. This provides an additional saving of Rs. 2,000 to every general tax payer. Detailed income tax slab is available here - Latest income tax slab
  • Senior citizen'd age for consideration of tax relief is reduced to 60 years from the current 65 years. Additional income tax slab for very senior citizens aged 80 and above provides additional savings for them.
  • Allocation for social sector spending increased 17 percent.
  • Defence expenditure witnessed an increase of Rs 17,071 crore to reach 1,64,415.
  • A one per cent central excise duty on 130 items that will enter the tax net.

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