New Delhi: The Narendra Modi 2.0 dispensation is considering raising the income tax limit to Rs 3 lakh of annual income, according to a Bloomberg report.
The current exemption limit is Rs 2.5 lakh.
The budget will be presented on July 5.
Benefit to tax payers:
According to the Bloomberg report, the tax benefit will give a breather to individual tax payers to the tune of Rs 2500. There are five crore tax payers at present.
The tax exemption limit for savings and investments made under Section 80C of the Income Tax Act could also be raised. It is currently at Rs 1.5 lakh.
Section 80C allows individuals to claim tax deduction of up to Rs 1.5 lakh from their gross total income for certain investments and payments.
