Income Tax Exemption

Income Tax Exemption – Income taxes are a source of revenue for governments. They are used to fund public services, pay government obligations, and provide goods for citizens. There are 2 types of Income taxes in India. They are – personal income taxes, Business income taxes.

Check out all the details about recent Income Tax Exemption.

Income taxes are Personal income tax is a type of income tax that is levied on an individual’s wages, salaries, and other types of income. Business income taxes apply to corporations, partnerships, small businesses, and people who are self-employed.

The Associated Chambers of Commerce and Industry of India aka ASSOCHAM has demanded the government to double the income tax exemption limit in the next budget. The organisation said the government should raise the income tax exemption limit to at least Rs 5 lakh. As per ASSOCHAM, this should boost consumption in the economy.

The president of ASSOCHAM Mr. Sumant Sinha said that companies in sectors like steel and cement are now planning to increase capacity. According to him, there could be a global downturn and this would affect foreign trade.

Now, income up to Rs.250000 is not taxed for common citizens of India. This limit is Rs.300000 for senior citizens and Rs.5 lakh for people above 80 years in age.

AgeLimit
60 yearsRs.300000
Above 80 yearsRs.500000

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Written and edited by Rajeswari.

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