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.
Bhubaneswar: A couple was crushed under the wheels of a truck near Palasuni Chhak in…
Bhubaneswar: Odisha unit of BJP has sought action by chief electoral officer (CEO) against BJD…
New Delhi: Around a thousand voters from across three villages in Gujarat boycotted voting for…
New Delhi: India has condemned the float used by pro-Khalistan elements at the 'Nagar Kirtan'…
Puri: Jagannath temple in Odisha's Puri town will remain closed to the devotees for six…
New Delhi: A group of men thrashed a medical aspirant in Kanpur after he was…
Bhubaneswar: After reeling under heatwave for nearly 3 weeks, Odisha heaved a sigh of relief…
New Delhi: Aam Aadmi Party (AAP) leader and MLA Amanatullah Khan's son was seen beating…