Government mulls hike in income tax exemption limit from Rs 2 lakh to Rs 5 lakh.
NEW DELHI: The Narendra Modi government may increase the income tax slab limit for exemption from Rs 2 lakh to Rs 5 lakh, CNN-IBN reported q...
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NEW DELHI: The Narendra Modi government may increase the income tax slab limit for exemption from Rs 2 lakh to Rs 5 lakh, CNN-IBN reported quoting its sources on Friday.
According to the report, the finance ministry has asked for a report from the income tax department to decide over the possibility of exemption in tax slab. CNN-IBN quoted its sources as saying that the Central Board of Direct Taxes ( CBDT) is likely to submit a report by June 20.
In another decision which could have a far reaching effect, the government is also considering to raise tax exemption limit on home loans and health insurance premium, the report said.
The health insurance premium is likely to be raised by Rs 5,000, it added.
Source: ET
According to the report, the finance ministry has asked for a report from the income tax department to decide over the possibility of exemption in tax slab. CNN-IBN quoted its sources as saying that the Central Board of Direct Taxes ( CBDT) is likely to submit a report by June 20.
In another decision which could have a far reaching effect, the government is also considering to raise tax exemption limit on home loans and health insurance premium, the report said.
The health insurance premium is likely to be raised by Rs 5,000, it added.
Source: ET
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