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Arun Jaitley May Double Income Tax Exemption Limit to ₹5 Lakhs in 2019 Interim Budget
January 17, 2019
Taxpayers may get something to rejoice about in the 2019 Interim Budget as an IANS report says that Finance Minister Arun Jaitley may double the income tax exemption limit to ₹5 lakhs from the current ₹2.5 lakhs . In addition to that, he may also reinstate a tax-free status for transport allowance and medical expenses.
The Confederation of Indian Industry (CII) had recently raised the demand for increasing the IT exemption limit to ₹5 lakhs and deduction under Section 80C to ₹2.5 lakhs to encourage the habit of saving money.
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