16 Feb, 2015 8:54p.m.

Budget '15 : IT slabs can be rejigged, chances for limit hike & 10% upto 10 lakhs - Global consultancy EY

Amarpal S. Chadha of Global consultancy EY said that the firm believes there is room for Finance Minister Arun Jaitley to raise the basic income tax exemption limit in his first full-year Budget presentation on February 28.

The basic exemption limit could be increased from the current exemption limit of Rs. 2.5 lakh keeping in mind the inflationary trends. This would place more disposable income and spending power in the hands of a common man.

The existing slabs too could be rejigged, as per EY. From the new increased threshold limit up to Rs. 10 lakh it could be 10 per cent, from Rs. 10-20 lakh it could be 20 per cent and above Rs. 20 lakh it could be 30 per cent, EY said.

"Considering the inflation and increased costs, finance minister could consider raising the exemption limits for various allowances i.e., transportation allowance (existing limit is Rs. 800 per month), children education allowance (currently, Rs. 100 per month) and leave encashment exemption limit (currently, Rs. 3 lakh) provided to salaried individuals as these limits were fixed almost a decade ago," the consultancy said.




Latest in Important News
Latest in Other News Sections
RBI cuts repo rate by 25bps. EMIs likely to get cheaper 🕑 07 Feb,19 1:02p.m.
Budget 2019 expectations : IT exemption limit likely to be hiked to Rs 5 lakh 🕑 17 Jan,19 9:29p.m.
Researchers develop plants that can remove cancer-causing pollutants 🕑 27 Dec,18 12:59p.m.
6 months of aerobic exercise reverses brain ageing by 9 years 🕑 24 Dec,18 2:31p.m.
All you need to know about NPS changed withdrawal norms 🕑 24 Dec,18 11:47a.m.
Scientists succeed in destroying HIV-infected cells 🕑 22 Dec,18 10:22p.m.
Johnson and Johnson talcum powder samples seized across country for testing 🕑 19 Dec,18 1:26p.m.
Govt. for levy on petrol and diesel cars to push to push e-vehicles 🕑 19 Dec,18 1:20p.m.
Tax changes in 2018 that will affect you 🕑 19 Dec,18 1:09p.m.
Google maps now shows auto-rickshaw┬ároutes with estimated fares 🕑 19 Dec,18 11:53a.m.