Govt may hike Income Tax exemption limit from Rs 2 lakh to Rs 5 lakh

As reported by some of the newspapers and PTI Government may provide a major relief to the tax-payers, by increasing the Income Tax slab limit for exemption from Rs.2 lakh to Rs.5 lakh. According to sources, the Finance Ministry has also sought a report on the same from the I-T department. The CBTD is likely to submit a proposal by June 20. Sources further added that the government is also considering raising the tax exemption limit on home loans and health insurance premium.

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