The BJP Government led by Narendra Modi has now made it clear it will hold Union Budget 2017-18 in Parliament on February 1 and that it won’t budge to Opposition’s pressure for a shift in date.
There is much anticipation that there will be an increase in the exemption limit on personal income tax in the range of Rs 3 lakh to Rs 4 lakh.
Taxpayers can expect an exemption up to Rs 4 lakh as it would alleviate their fiscal woes that were result of abrupt notes recall.
“The present Government’s objective of having globally competitive tax rates has been pointing in this direction,” said a report in an online media .
The personal income tax collection between April-December 2016 going up by 21.7 per cent further raises hopes for change in income tax slabs.
Finance Minister Arun Jaitley in his brief on tax collection figures during April-December 2016 said that direct tax collections went up by 12.1 per cent and indirect tax collections were up by 25 per cent. This also increases the chances of an increase in exemption limit in Budget.
