Union budget made a big relief for middle class. The maximum exemption limit for taxpayers is increased to Rs. 5 Lac. So cheer up! now you don’t need to pay any tax upto 5 lac.Earlier this limit was Rs. 2.5 lac. If I add the benefits of section 80 into it will reach upto 10lac. Standard deduction is also increased to Rs. 50000.
Also the notional rent on other property is waived off. These benefits are appreciated by entire middle class.
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