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, it is reported.
There are rumors that taking the Assembly elections in the 9 states into account the BJP will give more sops to the people this time in the coming Budget.
The BJP has to please the people in the country otherwise they might lose the elections like Himachal Pradesh.
It will also boost consumption, which may also lead to economic recovery, sources said. As of now, the maximum slab of income that 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.
The increase in the limit for salaried employees has been there for a long time. Most of them in the country want the limit to be raised to 5 lakhs.
These days 5 lakhs is not a big amount. So it is better for the BJP Government to raise the limit to 5 lakhs this time.
The people of India have been expecting this for the last two budgets.
