Finance Minister Pranab Mukharji In the Union Budget 2011-12, Finance Minister Pranab Mukherjee announced higher tax exemption limit of Rs 1.8 lakh for individuals and further benefits to senior citizens, additional services into the tax net and withdrawal of duty exemption on some items. Other major proposals included bank licences to new private sector players, speeding up of various financial sector reform bills and a disinvestment target of Rs 40,000 crore for the next fiscal. Here are some of the major announcements: *Tax exemption limit raised to Rs 1.80 lakh, from Rs 1.60 lakh, for general category individual tax papers. *For senior citizens, the qualifying age reduced to 60 years; tax exemption limit raised to Rs 2.50 lakh. *Over 80-year old senior citizens to get Rs 5 lakh exemption limit. *Tax surcharge for companies cut to 5 per cent, from 7.5 per cent. *Deduction of Rs 20,000 from taxable income for investment in long-term infra bonds extended till next fiscal. *A...