Centre may increase income tax exemption limit

New Delhi, June 13: The Centre may hike the income tax (I-T) slab limit for exemption from Rs 2 lakh to Rs 5 lakh, reports said on Friday.

The finance ministry has sought a report from the I-T department to decide on the possibiliyu of making exemption in he tax slab. A CNN-IBN report said the Central Board of Direct Taxes (CBDT) is likely to submit a report by June 20.

The Centre may hike the I-T slab limit for exemption from Rs 2 lakh to Rs 5 lakh

The government could also raise the tax exemption limit on home loans and health insurance premium. the report said. The health insurance premium could be raised by Rs 5,000.

'Govt trying to ensure life of dignity for old and disabled pensioners'

The government is also thinking of providing delivery of pension funds of old and disabled retired employees at their doorsteps besides ensuring that pension payment order is handed over on the day the employee retires.

Minister of State for Personnel, Public Grievances and Pensions Jitendra Singh said the Pension and Pensioner's Welfare department is trying to ensure that the pensioners lead a life of dignity.

Oneindia News