Centre may hike Income Tax exemption limit from Rs 2 lakh to Rs 5 lakh

Centre may hike Income Tax exemption limit from Rs 2 lakh to Rs 5 lakh

According to CNN -IBN  Report, the Central Government is likely to increase the Income Tax Slab Limit from 2 Lakh to 5 Lakh and the CBTD is likely to submit a proposal by June 20. Here is the report of 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 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”

Source : CNN-IBN