Updated By: LatestGKGS Desk
Budget 2017: Personal Income Tax payers exemption to increase
The exemptions on Personal Income Tax payers to increase in Budget 2017
After demonetisation, the personal income tax payers suffered most as they had fear of losing the job, no salary increment etc.
The Income Salary Payers are expected to benefit most as per the upcoming budget 2017.
The people must provide information to Income tax department on withdrawal of high-value cash
It is expected that the government will not change the interest rate charged to the salaried income people but the government may extend the exemption limit.
Currently, the exemption limit is 2.5 lakh per year which means that the people earning less than 2.5 lakh are not applicable to pay the taxes.
Currently, 30% tax is levied on the people earning Rs.10 lakh per year which is a high rate.
It is also expected that the people withdrawing high-value must provide information to income tax authority.
In the upcoming Budget 2017, it is also expected that no change of rules for depositing money but it will be strictly prohibited to provide wrong information to the people.
