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Personal Income Tax Exemption Limit may be raised from Rs. 2 lakh to Rs. 5 lakh by New Government – CBDT to submit report on June 20th
The newly formed Government has proposed to increase Personal Income Tax Exemption to Rs. 5 lakh which is presently Rs. 2 lakh for Tax paying individual irrespective of gender (Excluding Senior Citizens). As reported by CNN IBN, Government has intended to make changes in the Personal Income Tax Structure what could be one of the major reforms in Personal Income Tax front.
Here is the news reported in CNN-IBN
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 CBDT 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.
Source : CNN-IBN