As per budget presented on 28th Feb, 2011, Pranav Mukherjee proposed changes as per below.
The income tax exemption limit has been raised from the current 1.6 lakh to 1.8 lakh.
A new tax slab has been introduced for senior citizens of 80 years and above. There will not be any tax upto 5 lacs income for people above 80 years.
Current age limit for consideration as senior citizens has been reduced from 65 years to 60. And they will get tax exemption for income up to Rs 2.5 lakh (earlier it was 2.4 lakhs).
There is no change in tax slabs for women.
A new income tax return form Sugam to be introduced to simplify tax return filing further.
From 1st June 2011, all salaried persons which do not have any other sources of income and employer deducts income tax through TDS, will be excluded from filing returns. So if one earns only through salary, he/she need not to file income tax return as data for the same is already there with income tax department.