Centre may hike Income Tax exemption limit from Rs 2 lakh to Rs 5 lakh
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In what could probably become one of the landmark reforms by the Narendra Modi government, sources tell CNN-IBN that the Centre is likely to increase the Income Tax slab limit for exemption from Rs 2 lakh to Rs 5 lakh.
The Finance Ministry has also sought a report on the same from the I-T department, say sources. The CBTD is likely to submit a proposal by June 20, added sources.
Sources further said that the government is also considering raising the tax exemption limit on home loans and health insurance premium.
The health insurance premium is likely to be raised by Rs 5,000, as per sources. (PTI)
Category : Income Tax | Comments : 1 | Hits : 1034
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Comments
CA.Subhash Chandra Podder
14-Jun-2014 , 04:33:34 pmIt is very difficult to raise the Income tax limit be raised from existing Basic Limit of Rs 200000/ To Rs 500 000/ . Though it is require to raise considering all aspect of the economy. Maximum you may expect Rs 3,00,000 ( excluding senior citizen and working woman , and supper senior citizen over the age of 80 year.