Upper limit for annual income for Income Tax to be raised!
Posted on: 23/Feb/2015 3:44:25 PM
It is eagerly expected that the Central government Finance Minister, Mr. Arun Jaitley, will announce that the upper limit of exemption for income tax to the individual annual income of Rs. 3 Lakhs.
The finance minister encourages saving. Hence, it is expected that he will extend some tax concession for savings under section 80C from the current level of Rs. 1.5 Lakhs to Rs. 2 Lakhs.
Other expectations
There may be a raise in the upper limit for health insurance premiums paid.
Tax concessions are expected under the pension scheme.
The implementation of the debatable general exemption prevention rules may be postponed.
Tax concessions may be proposed for Special Economic Zones to encourage investors.
Announcement may be made on the indirect taxes for goods and services.
All these expectations will be answered on 28th February when the budget will be presented!
