Raise the Tax Exemption Limit of Individuals & Senior people

Industry body ASSOCHAM today asked the government to raise the tax exemption limit on personal income from Rs. 1.6 lakh per annum to Rs. 4 lakh per annum and for senior people up to Rs. 5 lakh per annum.

The industry body was charitable its proposals on the draft direct taxes code which has been put in public domain by the government for comments. Deductions,” ASSOCHAM President Swati Piramal supposed.

Meanwhile, the industry body has also urged the government to transport in standard deduction of 50 per cent of the salary or Rs 2, 40,000, either is less to balance out additional tax burden, which employees would be facing due to removal of various exemptions.