The Finance Minister, in the Budget today, announced a bumper for individual tax payers. He has changed the tax slabs for men, women and senior citizens. The highest tax slab has now been raised from Rs 5 lakh to Rs 8 lakh.

“The Finance Minister has been sensitive to the needs of the common man,” tax expert HP Ranina said immediately after the Budget speech was concluded.

The FM has also increased the limit of deduction available under section 80C. He has allowed an additional investment of Rs 20,000 for infrastructure bonds taking the total of the limit under section 80C from the current Rs 1 lakh to Rs 1.2 lakh.

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