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