The government must increase the personal income tax exemption limit to at least Rs 3 lakh from Rs 1.6 lakh at present in the upcoming Budget for giving relief to taxpayers from high inflation, majority of CEOs surveyed by industry body Assocham has said.
"In view of the unprecedented inflation particularly the food inflation, the government must increase the personal income tax exemption limit from the existing Rs 1.6 lakh to at least Rs 3 lakh to give adequate relief to the larger sections of the society, added the majority of the CEOs," the pre-Budget survey said.
The Budget 2011-12 would be unveiled by Finance Minister Pranab Mukherjee on February 28. At present, income up to Rs 1.6 lakh is exempted from tax for individuals. For women and senior citizens, the limit is Rs 1.9 lakh and Rs 2.4 lakh, respectively.
However, under the the Direct Taxes Code (DTC) Bill which was introduced in Parliament last year, the I-T exemption limit is Rs 2 lakh. The DTC is expected to replace the 50-year old Income Tax Act from April, 2012.
with thanks : Economic Times : link above for detailed news.
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