Raise I-T limit for elders, women: BJP

The Bharatiya Janata Party on Thursday moved several amendments to the Finance Bill in the Lok Sabha, including raising the Income Tax exemption limit for senior citizens to Rs 2.5 lakhs and hiking Provident Fund interest rates to 9.5 per cent.

"We have proposed that the exemption limit for senior citizens be raised from Rs 1.85 lakhs to Rs 2 lakhs as they face severe difficulties due to limited income and low interest rates," BJP Parliamentary Party Spokesman V K Malhotra said.

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He said the party has also moved amendments for raising the exemption limit for women from Rs 1.35 lakh to Rs 2 lakh to enable them to gain upto Rs 5,000.

Restoration of the standard deduction of Rs 50,000 for government employees, hike in interest rates of Employees Provident Fund and Public Provident Fund to 9.5 per cent, withdrawal of Fringe Benefit Tax and roll back in service tax hike are among the other proposals for which the main Opposition party has moved amendments, he said.

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