BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Rs. 2 lakh to Rs. 2.5 lakh
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Rs. 2 lakh to Rs. 3 lakh
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Rs. 3 lakh to Rs. 3.5 lakh
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Rs. 2 lakh to Rs. 3.5 lakh
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Detailed explanation-1: -The basic exemption limit depends on the age of an individual and status of an individual. For an individual below 60 years of age, the basic exemption limit is of Rs 2.5 lakh. For senior citizens (aged 60 years and above but below 80 years) the basic income exemption limit is of Rs 3 lakh.
Detailed explanation-2: -The FY 2014-15 rebate under Section 87A of the Income-tax Act, 1961, was also reduced to Rs 2, 500 from Rs 5, 000 for those earning between Rs 2.5 lakh and Rs 3.5 lakh.
Detailed explanation-3: -The last time the 80C limit was increased was in 2014-from ₹1 lakh to ₹1.5 lakh. This hike itself came after nine years but it was not in line with inflation. The Cost Inflation Index (CII) saw an increase of 105% between 2005 and 2014 whereas the 80C investment limit was increased by a mere 50%.