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Government may raise tax exemption slab
In the upcoming Union Budget, scheduled for presentation on July 5, the basic exemption limit on personal income tax may be increased, said a report citing sources.
New Delhi: In the upcoming Union Budget, scheduled for presentation on July 5, the basic exemption limit on personal income tax may be increased, said a report citing sources. It also said that the decision is being considered to push consumption in the Indian economy.
The tax exemption limit may be reportedly increased to Rs 3 lakh for individuals not older than 60 years, up from the current Rs 2.5 lakh. The report also said the tax measures have not been finalised.
In the first three months of 2019, GDP (gross domestic product) growth had touched a five-year low of 5.8 per cent.
The economy slowed down in the last year, with significant drop in consumption seen in passenger vehicles among other consumer goods.
While the increase in tax exemption limit adds to the budget deficit pressure faced every year by the government (projected at 3.4 per cent of GDP for FY 2019-20), it will also put an additional disposable income of at least Rs 2,500 in the hands of individual taxpayers.
