Male tax payers to save Rs 2,060/year; elderly biggest gainers

Finance Minister Pranab Mukherjee has given a saving of Rs 2,060 per annum to male income tax payers by raising the exemption limit from Rs 1.60 lakh to Rs 1.80 lakh.

For women, Mukherjee has not given any benefit by retaining the exemption limit at Rs 1.90 lakh per annum.

However, senior citizens, especially male, will be the gainers. First the eligibility criteria has been reduced from 65 years to 60 years of age and second, there is a major benefit for those above 80 years earning Rs 5 lakh per annum and above.

For 'Very Senior Citizens' (above 80 years of age) earning Rs5 lakh and above the tax savings would be Rs 26,780 per annum.

However, those earning up to Rs 3 lakh in the above said category, would save Rs 6,018 in a year.

The impact on tax liability for different income slabs for male, female, senior citizen and very senior citizen are given in the following tables as calculated by global advisory firm KPMG.