Basic exemption limit to be raised to 3 lakhs
will the Basic Exemption raised to 3 lakhs?The current tax exemption limit 1.8lakhs is soon to be revised. As per the modification by parliamentary panel headed by Senior BJP Leader Yashwanth Singh in it's
report (March 2012) suggested increasing the basic exemption tax limit to 3lakhs against 2 lakhs proposed by original Direct Tax Code bill
In response to Standing committee suggestions "we will come out with a modified DTC (bill) said advisor to the Finance Minister Parthasarathi Shome at FICCI event. Due to steep growth of inflation in INDIA, leading to increased outcome of expenditure and spending capability is the main reason behind the modification.
The Basic tax exemption of 1.8lakhs which is calculated as per the provisions of Income tax Act 1961 excluding the Income from lotteries and
Income from Capital Gains. The increase in exemption limit when compared to previous financial years was just 20,000 i.e. from 160,000 to 180,000. The sudden jump break
from 180,000 to 300,000 is expected to provide relief to people under the impact of inflation. The so called Direct Tax Code will replace the Five decade year old
Income Tax Act of 1961. The standard of living of Indians have considerably Increased including GDP, Inflation has raised the expenditure level and earning capacity.
Hence this modification can serve to the population under and above exemption limit if raised.
The DTC bill was referred to the Standing Committee for scrutiny in August 2010. Expenditure Efficiency is said to be the main base matter of Finance Ministry.
DTC bill will be focusing more in the areas of Transparency and Expenditure Control which is said to be a major Challenge in Industry
Basic exemption limit to be raised to 3 lakhs:
The current tax exemption limit 1.8lakhs is soon to be revised. As per the modification by parliamentary panel headed by Senior BJP Leader Yashwanth Singh in it's
report (March 2012) suggested increasing the basic exemption tax limit to 3lakhs against 2 lakhs proposed by original Direct Tax Code bill
In response to Standing committee suggestions "we will come out with a modified DTC (bill) said advisor to the Finance Minister Parthasarathi Shome at FICCI event. Due to steep growth of inflation in INDIA, leading to increased outcome of expenditure and spending capability is the main reason behind the modification.
The Basic tax exemption of 1.8lakhs which is calculated as per the provisions of Income tax Act 1961 excluding the Income from lotteries and
Income from Capital Gains. The increase in exemption limit when compared to previous financial years was just 20,000 i.e. from 160,000 to 180,000. The sudden jump break
from 180,000 to 300,000 is expected to provide relief to people under the impact of inflation. The so called Direct Tax Code will replace the Five decade year old
Income Tax Act of 1961. The standard of living of Indians have considerably Increased including GDP, Inflation has raised the expenditure level and earning capacity.
Hence this modification can serve to the population under and above exemption limit if raised.
The DTC bill was referred to the Standing Committee for scrutiny in August 2010. Expenditure Efficiency is said to be the main base matter of Finance Ministry.
DTC bill will be focusing more in the areas of Transparency and Expenditure Control which is said to be a major Challenge in Industry
Basic exemption limit to be raised to 3 lakhs:
The current tax exemption limit 1.8lakhs is soon to be revised. As per the modification by parliamentary panel headed by Senior BJP Leader Yashwanth Singh in it's
report (March 2012) suggested increasing the basic exemption tax limit to 3lakhs against 2 lakhs proposed by original Direct Tax Code bill
In response to Standing committee suggestions "we will come out with a modified DTC (bill) said advisor to the Finance Minister Parthasarathi Shome at FICCI event. Due to steep growth of inflation in INDIA, leading to increased outcome of expenditure and spending capability is the main reason behind the modification.
The Basic tax exemption of 1.8lakhs which is calculated as per the provisions of Income tax Act 1961 excluding the Income from lotteries and
Income from Capital Gains. The increase in exemption limit when compared to previous financial years was just 20,000 i.e. from 160,000 to 180,000. The sudden jump break
from 180,000 to 300,000 is expected to provide relief to people under the impact of inflation. The so called Direct Tax Code will replace the Five decade year old
Income Tax Act of 1961. The standard of living of Indians have considerably Increased including GDP, Inflation has raised the expenditure level and earning capacity.
Hence this modification can serve to the population under and above exemption limit if raised.
The DTC bill was referred to the Standing Committee for scrutiny in August 2010. Expenditure Efficiency is said to be the main base matter of Finance Ministry.
DTC bill will be focusing more in the areas of Transparency and Expenditure Control which is said to be a major Challenge in Industry
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