Raise IT limit to Rs 8 lakh
The raising of threshold limit for exemption from registration and payment of GST to Rs 40 lakh and the turnover limit for eligibility to enter the...
The raising of threshold limit for exemption from registration and payment of GST to Rs 40 lakh and the turnover limit for eligibility to enter the composition scheme to Rs 1.5 crore is welcome, though it is in view of 2019 election votes from small businessmen. It should apply uniformly across the nation. As high inflation is continuing, it is the right time now that the income tax exemption limit of 2.5 Lakhs (and 3 Lakhs for senior citizens) is raised to Rs. 8 Lakh to make it par with Rule of recent reservation policy under 10% quota.
This way all eligible persons under this reservation policy will be automatically out of income tax net. Also, the ensuing Budget must provide for lower rates of taxes, as it results in a greater number of transactions in white and black money is reduced and economic activities increases and our Gross Domestic Production (GDP) and revenue too increases.
- Mahesh Kumar, New Delhi