IT exemption limit for working women

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

RAJYA SABHA

UNSTARRED QUESTION NO-174

ANSWERED ON-08.07.2014

IT exemption limit for working women

174 . Smt. Wansuk Syiem

(a) whether Government proposes to raise the IT exemption limit for working women as an incentive for saving and economic security;

(b) whether there is also a proposal to reduce the age for tax exemption for senior citizens to 60 years from the present 65 years; and

(c) if so, the details thereof?

ANSWER

MINISTER OF STATE IN THE MINISTRY OF FINANCE: (SHRIMATI NIRMALA SITHARAMAN)

(a) Any such proposal can be considered only during the Annual Budgetary exercise. The Budgetary exercise for the year 2014-2015 is currently under progress. Government’s response in this regard shall be reflected in the Finance (No.2) Bill, 2014.

(b) The age for providing higher basic limit of exemption to senior citizens under the Income –tax Act, 1961 is already 60 years.

(c) Nil, in view of (a) and (b) above.

Source: http://rajyasabha.nic.in/