Budget 2017 Date - With the government expecting demonetisation to improve tax mop-up, it may extend the benefit to individual tax assessees by raising the exemption limit to at least Rs 3 lakh and the deduction limit under Section 80C to Rs 2 lakh in the Union Budget for 2017-18, experts maintain.
Currently the tax exemption slab is at Rs 2.5 lakh for individuals below 60 years, while deduction under Section 80C of the Income Tax Act is Rs 1.5 lakh.
"The limits have not been revised since two years. With demonetisation lots of money is getting into the regular economy. This is expected to improve the collections and give the headroom to the government to extend the benefit to taxpayers," as per consultancy firm PwC.
"The basic exemption limit may be raised from Rs 2,50,000 to Rs 3,00,000 for individuals less than 60 years and from Rs 3,00,000 to Rs 3,50,000 for 60 years or more," PwC said n response to IANS queries .
The Union Budget is due to be presented by Finance Minister Arun Jaitley on Wednesday.
Online tax-filing portal ClearTax Co-Founder and Chief Executive Archit Gupta told IANS that the government may also consider raising the deduction limit under Section 80C of the Income Tax Act from Rs 1.5 lakh to Rs 2 lakh.(Read More)
No comments:
Post a Comment