Income Tax Exemption Limit Needs To Be Raised To Rs. 3 Lakh

With rise in personal disposable income post 7th Pay Commission, the income tax exemption limit needs to be raised by Rs. 50,000 to Rs. 3 lakh, an SBI report said on Monday.
The move will benefit around 75 lakh people, it said. SBI’s Ecowrap report further said that if the exemption limit of interest payments under housing loan is increased to Rs. 2.5 lakhs for existing home loan buyers, from Rs. 2 lakhs now, it will benefit 75 lakh home loan buyers and cost the government just about Rs. 7,500 crore.

Finance Minister Arun Jaitley is set to present the fifth and final full budget of the current government on February 1.

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