The possibility of Income Tax Exemption up to annual earning of Rs. 3 Lakhs
Posted on: 10/Jan/2018 11:14:30 AM
The news is gathered from the interior circles of the central government sectors that the maximum limit of annual income is likely to be increased to Rs. 3 Lakhs in the 2018-19 budget.
The general budget proposal for the financial year 2018-19 is scheduled to be presented on 1st February in the parliament. The central finance minister Arun Jaitley will present the budget. It is learned that in this proposal, the maximum limit of Income Tax exemption is to be increased to Rs. 3 Lakhs – this would be of great relief and benefit to the middle-class sections of the society.
The interior circles of the finance circle inform that the maximum limit for IT exemption is being raised from the present annual income of Rs. 2.5 Lakhs to Rs. 3 Lakhs. For the segment earning an annual income of Rs. 5 Lakhs to Rs. 10 Lakhs, the Income Tax will be at 10%. For the segment earning an annual income of Rs. 10 Lakhs to Rs. 20 Lakhs, IT will be at 20%. For the segment with an annual income of over Rs. 20 Lakhs, IT will be at 30%.
