Income Tax Exemption Limit Likely To Be Enhanced To Rs 5 Lakh

[ad_1]

Last Updated: December 30, 2022, 19:41 IST

The Finance Ministry is mulling to increase the exemption limits from present Rs 2.5 lakh to Rs 5 lakh

The Finance Ministry is mulling to increase the exemption limits from present Rs 2.5 lakh to Rs 5 lakh

Senior citizens between the age group of 60-80 have an exemption threshold of Rs 3 lakh while for citizens above the age of 80 the exemption limit is Rs 5 lakh.

The government is likely to announce an increase in the income tax exemption limits in the upcoming Union Budget. According to reports, the Finance Ministry is mulling to increase the exemption limits from present Rs 2.5 lakh to Rs 5 lakh, amid the discussions with the stakeholders ahead of the Budget 2023.

If reports are to be believed, the proposal is aimed at increasing the disposable income in the hands of the taxpayers, which can induce consumption and boost economic growth.

As per the existing income tax norms, the exemption limit is Rs 2.5 lakh while the exemption limit for senior citizens above 60 years and upto 80 years is Rs 3 lakh. The exemption limit for elderly taxpayers above the age of 80 years is Rs 5 lakh.

Finance Minister Nirmala Sitharaman has already indicated that Budget 2023 will follow the spirit of the previous budget and will be a step to push growth on the back of public spending.

From industrialists to salaried class, all are expecting the government to roll out people friendly schemes and announce some sops as this is going to be the last full budget ahead of the election year.

It is important to note that the upcoming budget will be the last complete budget before the general elections scheduled for April–May 2024. It will be the fifth for the Modi 2.0 government and FM Sitharaman.

Read all the Latest Business News here

Business Desk
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings ...Read More
[ad_2] Source link https://worldnews2023.com/business/income-tax-exemption-limit-likely-to-be-enhanced-to-rs-5-lakh/?feed_id=178177&_unique_id=655a94eea023d

Comments

Post a Comment

Popular posts from this blog

Real Housewives of Beverly Hills couple Kyle Richards and Mauricio Umansky ‘seperate’

Image
[ad_1] Stay ahead of the trend in fashion and beyond with our free weekly Lifestyle Edit newsletter Stay ahead of the trend in fashion and beyond with our free weekly Lifestyle Edit newsletter Real Housewives of Beverly Hills ’ Kyle Richards and Mauricio Umansky have reportedly separated after 27 years of marriage. Richards joined the popular Bravo reality series in 2010 with Umansky making regular appearances over the last 13 years. “Kyle and Mauricio have been separated for a while now but are still living under the same roof. They remain amicable as they figure out what’s next for them and their family,” a source confirmed to People on Monday (3 July). The separation will affect both Real Housewives , which is gearing up for its 13th season, and the Netflix reality series Buying Beverly Hills, which follows Umansky’s real estate business as two of their daughters work as agents. Richards has already filmed the second season of the Netflix show, according to Deadline . The I...
Read more

Pfizer RSV vaccine for infants has 'generally favorable' safety data, FDA staff say

Image
[ad_1] Blood sample for respiratory syncytial virus (RSV) test Jarun011 | Istock | Getty Images U.S. Food and Drug Administration staff on Tuesday said Pfizer's vaccine that protects infants from respiratory syncytial virus has "generally favorable" safety data. The FDA staff made the conclusion in briefing documents ahead of a meeting on Thursday when a panel of external advisors to the agency will discuss whether to recommend full approval of the RSV shot . The advisors will vote on whether Pfizer's late-stage clinical trial data on the vaccine supports its safety and efficacy. The FDA typically follows the advice of its advisory committees, but is not required to do so. The agency is slated to make a decision on whether to clear the shot in August before RSV season in the fall. If approved, Pfizer's jab would become the world's first vaccine that protects infants against RSV.  RSV usually causes mild, cold-like symptoms. But infants and older ad...
Read more

Casemiro has improved Man Utd: Maguire | The Express Tribune

Image
[ad_1] LONDON: Casemiro scored twice as Manchester United turned on the style to beat 10-man Reading 3-1 and reach the FA Cup fifth round on Saturday as Tottenham forward Son Heung-min ended his recent goal drought. On a day lacking major shocks, there were wins for Premier League strugglers Leeds, Leicester and Southampton but Fulham were held by Championship side Sunderland. United – fourth in the Premier League and within touching distance of a place in the League Cup final – produced more compelling evidence they are back on track under new manager Erik ten Hag . The home side took the lead at Old Trafford in the 54th minute when Anthony produced a defence-splitting pass to find Brazil teammate Casemiro, who lifted the ball over goalkeeper Joe Lumley. Four minutes later United were two up, when Casemiro let fly with a stunning strike from outside the box to find the bottom corner. With the home side brimming with confidence, substitute Fred produced an audacious flic...
Read more