Raise I-T exemption limit to Rs 2 lakh- Sinha to FM

Standing Committee on Finance Chairman Yashwant Sinha today suggested raising the income tax exemption limit from Rs 1.6 lakh to Rs 2 lakh in the Budget apparently to provide relief to common man reeling under the impact of high inflation.

…he (the Finance Minister) should introduce some of the provision which are part of the DTC, like raising exemption limit, Sinha told  in an interview.

When asked whether it should be raised to Rs 2 lakh, as proposed in the Direct Taxes Code (DTC) Bill, the Former Finance Minister remarked: “Whatever is in DTC.”

Inflation continues to be a concern for the common man as well as the government.