Budget 2018-19: Tax exemption limit may hike from Rs 2.5 lakh to Rs 3 lakh
Budget 2018-19: Tax exemption limit may hike from Rs 2.5 lakh to Rs 3 lakh
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NEW DELHI: the Middle class may look forward to a big reprieve in Budget 2018-19, which will also be the final regular Budget of the Modi-led-government, as the finance ministry is weighing up to raise personal tax exemption limit and pull the tax slabs, as per reports.

The pitches before the finance ministry is to raise the tax exemption limit from the existing Rs 2.5 lakh per annum to at least Rs 3 lakh if it is not 5 lakh, sources said.

Apart from this desultory way for tax slab, It is also being actively taken into consideration by the ministry to offer extensive relief to the middle-class-income group, especially the salaried class, to assist them tide over the blow of retail inflation.

In the Budget 2017-18, Finance Minister Arun Jaitley left the slabs unmoved but offered marginal relief to the small-salaried class-tax payer by dropping the rate from 10 percent to 5 percent for individuals having the yearly income between Rs 2.5-5 lakh.

The final Budget of NDA Govt is to be disclosed on February 1, the government could reduce the tax rate by 10 percent on income between 5-10 lakh, impose 20 percent rate for income between Rs 10-20 lakh and 30 percent for income further than Rs 20 lakh.

For now, there is no tax slab for income between 10-20 lakh.

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