Budget 2023-24: Income Tax Exemption Limit Likely To Be Enhanced to Rs 5 Lakh

The government is likely to enhance the income tax exemption limit to Rs 5 lakh from the existing Rs 2.5 lakh in the forthcoming budget for 2023-24, sources privy to developments said.

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New Delhi, December 28: The government is likely to enhance the income tax exemption limit to Rs 5 lakh from the existing Rs 2.5 lakh in the forthcoming budget for 2023-24, sources privy to developments said.

The move, if it fructifies, may leave more disposable income in the hands of consumers. It will also boost consumption, which may also lead to an economic recovery, sources said. Fake Income Tax Officers Busted by Mumbai Police; Gang Was Involved in Conducting Raids at People's Houses (Watch Video).

As of now, the maximum slab of income which is not chargeable to income tax is Rs 2.5 lakh. For persons in the age bracket of 60-80 years, the exemption limit is Rs 3 lakh and for senior citizens above 80, it is Rs 5 lakh. Most Wanted IT Defaulters: SEBI Issues List of 9 Income Tax Defaulters, All Untraceable; Check Names and Other Details Here.

The move would also promote investments, sources said further. Finance Minister Nirmala Sitharaman is expected to present the Union budget for 2023-24, on February 1, 2023.

(The above story first appeared on LatestLY on Dec 28, 2022 07:51 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).

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