Some experts, also stated that the move on reducing personal income tax should not be a surprising move as this is to provide a boost to the economy
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The newly-elected Modi government plans to increase the exemption of personal income tax from the current Rs 2.5 lakh to Rs 3 lakh in the Union Budget 2019, according to a report by Bloomberg. The move comes at a time when the country is witnessing a sharp slowdown in consumer demand.
According to earlier reports, the government had only planned to raise the income tax deductions under a few sections of the Income Tax Act.
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As reported by India Today, the government may just plan to elevate the gap for income tax to Rs 3 lakh so that citizens can be relieved of tax issues.
Some state that Nirmala Sitharaman may just consider this fact, however, nothing is signed on the dotted line as of yet. Some experts, also stated that the move on reducing personal income tax should not be a surprising move as this is to provide a boost to the economy.
According to this plan, those taxpayers who are working class and earn salaries will have at least Rs 2,500.
The finance ministry has apparently hiked the exemption limit for tax deductions for those investments done under Section 80C from Rs 1.5 lakh to Rs 2 lakh.
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