Budget 2019: Calculate Your Income Tax Here
The increase in personal income tax exemption limit is unlikely to meaningfully reduce collections unless the successive tax slabs are also changed.
Represenative image.
New Delhi: Middle class is expecting a big pre-poll bonanza from the Narendra Modi government in the form of raise in income tax exemption limit. Basic exemption limit may be raised from Rs 2.5 lakh to Rs 3 lakh for individuals of less than 60 years of age and from Rs 3 lakh to Rs 3.5 lakh for those aged 60 years or more but less than 80. Women taxpayers may get higher basic exemption of Rs 3.25 lakh or even at par with senior citizens, as per sources. An alternative to raising the exemption limit is to raise the 80C deduction to Rs 2 lakh from Rs 1.5 lakh to encourage taxpayers to save more for their future. The increase in personal income tax exemption limit is unlikely to meaningfully reduce collections unless the successive tax slabs are also changed.
Calculate your income tax here:
Catch the Biggest Newsmakers and the Biggest Newsbreaks on CNN-News18, your favourite English TV news channel. Keep watching CNN-News18 at just 50 Paise per Month. Contact your cable /DTH operator Now!
*Rental / capacity fee of Rs.130/- as charged by cable / DTH operator may apply. **GST extra.
Calculate your income tax here:
Catch the Biggest Newsmakers and the Biggest Newsbreaks on CNN-News18, your favourite English TV news channel. Keep watching CNN-News18 at just 50 Paise per Month. Contact your cable /DTH operator Now!
*Rental / capacity fee of Rs.130/- as charged by cable / DTH operator may apply. **GST extra.