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In the budget 2015­-16, what is Income tax exception limit?

A.
Rs. 1.5 Lakhs
B.
Rs. 3.0 Lakhs
C.
Rs. 2.5 Lakhs
D.
Rs. 4.0 Lakhs

Solution:

The correct answer is Rs. 2. 5 Lakhs. Important PointsIn the budget 2015-16, the FM Minister raised the Income Tax Exemption for individual below 60 years and HUF to Rs 2,50,000. The Budget also raised the IT Exemption for Senior Citizens below the Age of 80 Years to Rs. 3,00,000. The 2015-16 Budget was given by the then Finance Minister of India, Shri Arun Jaitley. As of April 2021, the Finance Minister of India is Smt. Nirmala Sitharaman. Key features of the Budget 2015-16:

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