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Government may increase Income Tax exemption Limit in budget 2011-12

Posted by binu P Wednesday, February 2, 2011


New Income Tax Slab for the Year 2011-12 ? ? 
Due to the high inflation impact, the central government may hike the Income Tax Limit in the coming Budget on February 28 for the Financial Year 2011-2012. 
The tax payers , including the central government employees may get some relief if the tax limit is increased. When the Direct Tax code will be implemented, the government is committed to increase the IT limit from 1.6 Lakh per annum to 2 lakh per annum. Between this, the upcoming budget will be a great relief for the Employees. 



Present Income Tax Limit:
Individuals           - 1.6 lakh
Women:               -  1.9 lakh
Senior Citizen     -  2.4 lakh.




In the Direct Tax Code Bill which was presented in the Parliament this year, the tax exemption limit is 2 lakhs. But DTC will come in 2012 April only.

More on Direct Tax Code
FAQs on DTC
Discussion on Direct Tax Code
Cabinet Approves Direct Tax Code




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4 Responses to Government may increase Income Tax exemption Limit in budget 2011-12

  1. Anonymous Says:
  2. I hope should to increase 2.5 to 3 lac exemption as per present market crises. Finance Minister already aware the fact

     
  3. Anonymous Says:
  4. Apart from increasing the IT exemption limit, govt. should declare an uppper interest rate limit for existing housing loans, beyond which it should be considered as usurious rate of interest. Such upper limit of interest rates should also be applicable to home loans from foreign banks operating in india.

     
  5. sir,I am serving in Assam Rifles (Min. of Home Affairs)as Hindi Teacher(Civ Employee),time to time I teach the troops. The combatant person who teach the troops drawing Instructor allowance i.e 15 %of BP.Is this allw. applicable for me

     
  6. Anonymous Says:
  7. I think government shold increase the IT exemption limit especially for the salaried people of Central government employees working in Northeast region particularly in Assam. At present the market price( LPG, Vegetables, M.Oil, K.Oil, Fruits, Lentils, cloths, Fish and what not) are rising day by day which we are well aware of it.Thus it is our humble prayer either to restrict the price rise or give us some relief through IT exemption.

     

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