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Forthcoming budget likely to extend exemption limits
Feb '08
Finance Minister, P Chidambaram, is likely to enhance the income tax exemption limits in the backdrop of impressive rise in the tax revenues and the necessity to give boost to consumer demand which needs to be insulated from the global slowdown, over 90 % of the CEOs Surveyed by ASSOCHAM on their Budget expectations revealed.

Unlike the last year when the income tax exemption limit marginally increased by Rs.10,000, from Rs.1 lakh, CEOs expect significant hike in threshold for all classes of the assets including women and senior citizens, according to a Survey of 185 CEOs by the ASSOCHAM Business Barometer (ABB).

Commenting on the analysis, the ASSOCHAM President, Venugopal N. Dhoot said that the rise in tax exemption limits may be accompanied by rejig in the income tax slabs. At present, the income up to Rs1,10,000 is exempted from income tax incase of individuals while the exemption limit is Rs.1,45,000 in case of women and Rs. 1,95,000 in case of senior citizens.

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