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<h1>Individual Tax Exemption Limit Raised to Rs. 2 Lakh; New Tax Slabs and Deductions Announced.</h1> The exemption limit for individual taxpayers has been increased to Rs. 2 lakh from Rs. 1.8 lakh, providing tax relief of up to Rs. 2,000. The upper limit of the 20% tax slab has been raised to Rs. 10 lakh. Proposed tax slabs are: up to Rs. 2 lakh (nil), Rs. 2-5 lakh (10%), Rs. 5-10 lakh (20%), and above Rs. 10 lakh (30%). A deduction of up to Rs. 10,000 for savings bank interest is proposed, and senior citizens without business income are exempt from advance tax. A Rs. 5,000 deduction is proposed for preventive health check-ups.
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