Sources who know what's going on say that the government is likely to raise the income tax exemption limit from the current Rs 2.5 lakh to Rs 5 lakh in the next budget for 2023-24.
As of right now, Rs 2.5 lakh is the most income that doesn't have to be taxed. The exemption limit is Rs 3 lakh for people between 60 and 80 years old, and Rs 5 lakh for people over 80 years old.
If the change goes as heard, consumers may have more money to spend.
Sources say that this move will help government as it will also make people with more disposable income to spend more, which inturn will help the economy get better. This would help bring in more investments.
On February 1, 2023, Finance Minister Nirmala Sitharaman is expected to give the Union budget for 2023-24.
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