sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
News Headlines »
 Companies (Significant Beneficial Owners) Amendment Rules, 2019
  Tax saving guide for FY 2018-19
 4 lesser known ways to save tax. Filing income tax returns?
 You do not have to pay TDS on FDs under this amount Income tax returns (ITR)
 Income-tax (15th Amendment) Rules, 2019
 How To Calculate Income Tax For Assessment Year 2020-21
 Financial Interim Budget 2019-20
 5 personal tax changes expected in Budget 2019
 Check how much tax would be levied on your income Income Tax returns Invested in debt schemes
 3 taxes no one should have to pay
  Tax saving guide for FY 2018-19

Income tax exemption limit may be doubled to Rs 5 lakh in interim budget
January, 16th 2019

The interim budget on 1 February could have some good news for taxpayers ahead of the Lok Sabha election later in the year. Finance minister Arun Jaitley may double the income tax exemption threshold from the present Rs 2.5 lakh to Rs 5 lakh, according to an IANS report. Jaitley may also reinstate tax-free status for medical expenses and transport allowance, the news agency reported quoting government sources.

Doubling the income tax exemption limit to Rs 5 lakh is a major demand made by the Confederation of Indian Industry (CII), as reported by PTI. The industry chamber has also sought an increase in the deduction under Section 80C to Rs 2.50 lakh to incentivise savings.

The CII’s pre-budget recommendations to the finance ministry also include the suggestion of lowering the highest personal income tax rate to 25% from 30% and allowing exemptions for medical expenses and transport allowance.

Altering income tax slabs before the release of the Direct Tax Code Report on February 28 will make it contentious, IANS has pointed out.

The new Direct Tax Code, which will replace the Income Tax, 1961, is expected to make income tax rates more ‘progressive’ by providing relief to people in the 5% and 20% slabs, Mint has reported earlier on May 14.

According to the current tax slab, income below Rs 2.5 lakh is tax exempt. Income between Rs 2.5-5 lakh attracts 5% income tax. Income in between Rs 5-10 lakh is taxed at the rate of 20% while anything above Rs 10 lakh is taxed at 30%.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Website Ranking Website Ranking Company Website Positioning Alexa Ranking Website Promotion Website top 10 ranking website top 10 promotion search engine result promotion Strategic Internet Marketing Website Optimization Website Ranking Factors

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions