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Income Tax exemption may be raised
By: Tupaki Desk | 20 Dec 2016 7:40 AM GMT
Union Government might consider raising the threshold for paying Income Tax after the slow down of economic activity post demonetisation. This could be a measure to appease the general public which were annoyed with the hardships they have been facing due to poor implementation of note ban.
Analysts say, Centre might raise the slab on income tax from current Rs 2.5 lakh to Rs 4 lakh in the Budget 2017-18. Currently, 10% Tax is being imposed on income of Rs 2.5 to 5 lakh. 20% tax for Rs 5-10 lakh income, 30% tax for above Rs 10 lakh income is being collected at present.
As per media reports, Only Income of Rs 4-10 lakh may attack a 10 percent tax from the next financial year. Those in the Rs 10-15 lakh & Rs 15-20 lakh brackets need to pay 15% and 20% tax respectively. Income of above Rs 20 lakh will attract 30% tax.
Analysts say, Centre might raise the slab on income tax from current Rs 2.5 lakh to Rs 4 lakh in the Budget 2017-18. Currently, 10% Tax is being imposed on income of Rs 2.5 to 5 lakh. 20% tax for Rs 5-10 lakh income, 30% tax for above Rs 10 lakh income is being collected at present.
As per media reports, Only Income of Rs 4-10 lakh may attack a 10 percent tax from the next financial year. Those in the Rs 10-15 lakh & Rs 15-20 lakh brackets need to pay 15% and 20% tax respectively. Income of above Rs 20 lakh will attract 30% tax.
