Personal Tax Benefits After Union Budget 2014-15

New government presented the budget for the financial year 2014-15. There is some benefit has been given to individual tax payers. Basic exemption limit has been increased by Rs 50000, Investment limit under section 80 C has been revised from Rs 1 lac to Rs 1.5 lac, home loan interest tax benefit for self occupied house also increased from 1.5 lac to 2 lac.

In this post we will try to see how much tax benefit individual tax payer will be getting from these changes.   

Exemption limit

Basic Exemption limit raised from Rs. 2 lacs to Rs. 2.50 lacs for general category of individuals and from Rs. 2.5 lacs to 3 lacs for senior citizen. So in total Rs 50000 has been added to exempted limit. 

Public Provident Fund Basics

Public Provident Fund is a good saving investment which provides tax benefit and also gives good returns. Many people don’t know about PPF or have very little information. If someone asked me in 2009 about PPF I could not have any answer that time because I also didn’t had any information about PPF.

Public Provident Fund started by government for salaried and self-employed people to encourage the saving habit and by investing in PPF, people can build good corpus for their retirement. In this post I will list down some basic and important points about PPF.