Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
»
1-min read

Assocham Bats for Raising Tax Exemption Limit to Rs 5 Lakh in Budget

The government is scheduled to present its first full Budget on July 5, for the current financial year.

PTI

Updated:June 9, 2019, 12:42 PM IST
facebookTwitterskypewhatsapp
Assocham Bats for Raising Tax Exemption Limit to Rs 5 Lakh in Budget
ASSOCHAM said there is a disparity between the salaried employees and those carrying on business/ profession, resulting in higher tax being paid by the former.
Loading...

New Delhi: The basic exemption limit for an individual income tax payee should be raised to Rs 5 lakh from Rs 2.50 lakh at present in the backdrop of inflationary impact over the years, industry chamber Assocham has said. It has suggested this in a proposal to the government as part of its pre-Budget memorandum.

"Considering the inflation over the years, tax exemption limit should be increased from Rs 2,50,000 to Rs 5,00,000," the chamber's memorandum to the Finance Ministry stated.

The government is scheduled to present its first full Budget on July 5, for the current financial year.

It also suggested that to bring in the necessary parity among salaried and non-salaried tax payers, it is desirable that standard deduction be reinstated in the statute. "About 20 per cent of the gross salary subject to a maximum limit of, say, Rs 1,00,000 could be considered for the purpose of standard deduction," it added.

The industry body said that there is a disparity between the salaried employees and those carrying on business/ profession, resulting in higher tax being paid by the former.

To leave more disposable income in the hands of common tax-payer, the chamber asked for tax reliefs on different heads like medical expenses, leave travel expenses etc.

Tax exemption for LTC or allowance, it said, is currently restricted to the value incurred for travel and it does not include expenses on accommodation or meals. ''In case of travel, significant costs would be incurred on accommodation and food and hence, the exemption should cover these as well," it said.

Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
 
 
Most Active
Company Price Change %Gain
Indiabulls Hsg 672.25 -3.18
Yes Bank 115.05 -1.75
IndusInd Bank 1,426.80 -4.17
GRUH Finance 291.70 -5.01
Reliance 1,317.55 -0.73
Company Price Change %Gain
GRUH Finance 291.85 -5.40
Indiabulls Hsg 672.10 -3.20
Yes Bank 115.35 -1.58
Larsen 1,529.15 0.80
IndusInd Bank 1,425.10 -4.36
Top Gainers
Company Price Change %Gain
Bharti Infratel 275.05 1.36
Sun Pharma 392.55 0.72
Vedanta 169.55 0.65
Larsen 1,526.30 0.58
Power Grid Corp 194.60 0.39
Company Price Change %Gain
Larsen 1,529.15 0.80
Vedanta 169.60 0.74
Sun Pharma 392.35 0.58
Power Grid Corp 194.60 0.44
TCS 2,252.30 0.09
Top Losers
Company Price Change %Gain
Zee Entertain 336.50 -4.57
IndusInd Bank 1,426.80 -4.17
Indiabulls Hsg 672.25 -3.18
Bharti Airtel 353.30 -2.87
Axis Bank 801.20 -2.31
Company Price Change %Gain
IndusInd Bank 1,425.10 -4.36
Bharti Airtel 353.30 -2.74
Axis Bank 800.15 -2.39
Kotak Mahindra 1,473.80 -2.10
Tata Motors 164.10 -1.97

Live TV

Loading...
Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results