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income tax Nil till 4 lakh?
After demonetisation and taking cognizance of the travails of the people, and of course, the upcoming Assembly elections in UP, the Centre seems to be on a \'woo-people-job\' by offering slab reliefs in Income Tax to the salaried.
New Delhi: After demonetisation and taking cognizance of the travails of the people, and of course, the upcoming Assembly elections in UP, the Centre seems to be on a 'woo-people-job' by offering slab reliefs in Income Tax to the salaried.
Going by a leak to select media, the Centre is planning to raise the tax exemption limit from existing Rs 2.5 lakh to Rs 4 lakh per annum.
This suggestion seems to have come from the Chief Ministers of the Telugu States who have declared their support to the note ban.
However, both the Chief Ministers - K Chandrasekhar Rao of Telangana and N Chandrababu Naidu of AP -reportedly expressed their reservations to the Prime Minster Narendra Modi over the way the demonetisation was being implemented.
It may be recalled that while KCR had a one-on-one with the Prime Minister over demonetisation for about 50 minutes, while Naidu was made the Convener of the committee to overlook implementation of the demonetisation scheme.
Looking at the agitated minds of people and the adverse impact the currency ban had over the lives of the common man, both the Chief Ministers were said to have suggested to the Prime Minister that some pro-people moves must be made as a concession to the honest tax payer.
After studying the same, the PMO cleared the proposal, it is said. However, it is not clear whether Bihar Chief Minister Nitish Kumar and his Odisha counterpart Naveen Patnaik who also extended their support for the note ban favoured the proposed hike in tax exemption limit.
Among the several measures suggested by the CMs of the Telugu States, individual tax rate relaxation was key point, according to the central government sources quoted by the media.
According to the new tax rates, a 10 per cent tax will be levied on people with income range starting from Rs 4 lakh to Rs 10 lakh a year.
The second slab to be in place will be a 15 per cent tax for Rs 10 lakh to Rs 15 lakh income group per annum. For those with income between Rs 15 lakh to Rs 20 lakh, there shall be 20 per cent tax.
And the individuals with annual income in excess of Rs 20 lakh will have to shell out 30 per cent tax.
The central government is likely to announce the tax sops in the next Budget to please harangued people who are standing in the queues in front of ATMs, it is said.
