Full tax exemption for contributions to Swachh Bharat

New Delhi, Feb 28: Finance Minister Arun Jaitley on Saturday announced 100 percent exemption from tax for contributions to the Swachh Bharat fund and the Clean Ganga Kosh by corporates under corporate social responsibility.

Jaitley said this while presenting the budget for financial year 2015-16. Although, the tax slab for tax-paying employees remains the same, he has opened avenues for tax benefits through the above-mentioned sops. He has also increased the medical insurance tax benefit from Rs 15,000 to Rs 25,000 for employees coming under the tax slab.

On an overall, while he did not adhere to the demands of the employed to increase the tax slabs, he provided options to save taxes while catering to the developmental requirements of the country.

IANS