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How your tax changed in past 5 years

  • In 2014, your basic exemption limit for income tax, if you are not a senior citizen, was raised to Rs2.5 lakh from Rs2 lakh.
  • Analysis of various income tax changes in five years indicates majority of changes have been made for benefit of tax payers in lower tax brackets

Mumbai: In the last five years, your tax slab has been raised only once. In 2014, your basic exemption limit for income tax, if you are not a senior citizen, was raised to Rs2.5 lakh from Rs2 lakh. “Analysis of various income tax changes in five years indicates majority of changes have been made for benefit of tax payers in lower tax brackets such as raising exemption limit, introduction of tax rebate, increase in limit for medical insurance and national pension scheme," said Ashok Shah, partner, NA Shah Associates LLP.

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