By CA Manoj Kohli 28th feb.,2011 The basic exemption limit in the case of individuals increased from Rs.1.60 lacs to Rs.1.80 lacs. However, there is no increase in basic exemption limit in the case of Resident Women who is below 60 years at any time during the previous year.
The qualifying age limit for senior citizens has been lowered from 65 years to 60 years and increased the current exemption limit under two categories
Category -1 – Age of Individual – 60 years or more but less than 80 years at any time during the previous year. The basic exemption limit is increased from Rs.2.40 lacs to Rs.2.50 lacs
Category – 2 – Age of Individual beyond 80 years or more at any time during the previous year. The basic exemption limit is Rs.5.00 lacs.
In the case of domestic companies the surcharge has been reduced from Rs.7.5% to 5%
In the companies other than domestic companies the surcharge has been reduced from 2.5% to 2%