Income tax exemption might be extended to Rs 5 lakh in budget

Income tax exemption might be extended to Rs 5 lakh in budget: Sources who know what's going on say that the government is likely to raise the income tax exemption limit from the current Rs 2.5 lakh to Rs 5 lakh in the next budget for 2023-24. As of right now, Rs 2.5 lakh is the most income that doesn't have to be taxed. The exemption limit is Rs 3 lakh for people between 60 and 80 years old, and Rs 5 lakh for people over 80 years old. If the change goes as heard, consumers may have more money to spend. Sources say that this move will       Read More