Finance minister Pranab Mukherjee on Friday proposed a deduction of up to Rs10,000 for interest from savings bank accounts.
This will help a large number of small taxpayers with salary incomes up to Rs5 lakh and interest from savings bank accounts up to Rs10,000 as they would not be required to file income tax returns.
It has also been proposed to allow deduction of Rs5,000 for preventive health check up.
For senior citizens not having income from business, it has been proposed to exempt them from payment of advance tax.
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This will help a large number of small taxpayers with salary incomes up to Rs5 lakh and interest from savings bank accounts up to Rs10,000 as they would not be required to file income tax returns.
It has also been proposed to allow deduction of Rs5,000 for preventive health check up.
For senior citizens not having income from business, it has been proposed to exempt them from payment of advance tax.
....more info