Income Tax exemption limit should be raised to Rs 5 Lakh: Arun Jaitley


Income Tax exemption limit should be raised to Rs 5 Lakh: Arun Jaitley

Arun Jaitley, one of BJP’s prominent leaders says that raising income tax slab to Rs 5 lakh will benefit more than thirty million people in the country. He also added that direct tax should be reduced, If the Income Tax limit is raised from Rs. 2 lakh to Rs. 5 lakh, 3 crore people will save Rs. 24 crore which will lead to a small impact of 1 to 1.5 per cent of the National Tax Fund.

All 100% of the Government employees pay taxes without fail, all the time. There is no doubt about it. 

Each year, with Government employees losing about a month’s pay as taxes, the suggestion to raise tax slab to Rs. 5 lakh is a welcome move. But, since such ideas are being aired only around election time, they lose credibility. 

It has almost become a routine for the Government employees to eagerly hope for a tax slab raise during each annual budget presentation, and be disappointed. There haven’t been any alternative savings options to avoid income tax this time also. 

Those who had got employed after 2004 have no options to save and are paying income tax even for comparatively lower incomes. 

Will this situation continue? 
Only the new Government at the Centre will have the answer to this question. 


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Comments

It is must now a days, it is the time call. we all welcome it cordially.Govt. should consider it wisely.
Anonymous said…
Sir,

First of all the injustice done towards very senior citizen aged 80 years and above in the budget 2014-2015 should be rectified. Their exemption limit untouched where as others general and senior citizens have been given benefits

Yours truely

c.G pensioner
if pay commission is implementing its report than for benefits of all the society stake holders the limit should be 7 lakh minimum only the people can survive swiftly, because you can assumpt more wisely the employees/pensioner will not get any benefit of the pay commissions recommendations. Govt. should be large hearted when it is bestowing some thing to its servants. this limit is not more or less it is just a good demand which will benefit all the stake holders of the society. thanks.

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