03-Apr-2013
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The government would be bringing many changes to the tax structure from increasing basic exemption limit from 1 lakh to 2 lakh, Savings incentive from 1 lakh to 1.5 lakh, 800 for transport allowance, 15000 for medical expenditure and medical insurance for family each, 12000 for school fees.
The government would be bringing many changes to the tax structure from increasing basic exemption limit from 1 lakh to 2 lakh, Savings incentive from 1 lakh to 1.5 lakh, 800 for transport allowance, 15000 for medical expenditure and medical insurance for family each, 12000 for school fees. There is also a proposed 50000 exemption for life insurance.
Source: www.economictimes.com, April 3, 2013. “DTC sop: Govt plans higher basic income tax exemption limit, hike in medical & conveyance allowances”