New Delhi, Dec 28 (SocialNews.XYZ) The government is likely to enhance the income tax exemption limit to Rs 5 lakh from the existing Rs 2.5 lakh in the forthcoming budget for 2023-24, sources privy to developments said.
The move, if it fructifies, may leave more disposable income in the hands of consumers.
It will also boost consumption, which may also lead to an economic recovery, sources said.
As of now, the maximum slab of income which is not chargeable to income tax is Rs 2.5 lakh.
For persons in the age bracket of 60-80 years, the exemption limit is Rs 3 lakh and for senior citizens above 80, it is Rs 5 lakh.
The move would also promote investments, sources said further.
Finance Minister Nirmala Sitharaman is expected to present the Union budget for 2023-24, on February 1, 2023.
Source: IANS
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz
This website uses cookies.
