Income Tax exemption limit for the middle class may be extended by the Central Government

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The impact of Delhi results will be seen on the budget

Income Tax exemption limit for the middle class may be extended by the Central Government
Jagran Bureau, New Delhi: The results of Delhi Assembly Elections may have its effects on the 2015-16 Budget. It is considered that the government is luring the people, especially those in the middle class, by extending their Income Tax exemption limits. This will reduce the Tax burden on common people and they will have more money for savings and expenditure.

For the time being, Income Tax is exempted for up to an annual income of Rupees Two and a Half Lacs. Our Finance Minister Arun Jaitley in the previous budget meeting of 2014-15 has increased the Income tax exemption limit from 2 lacs to 2.5 lacs. Similarly he announced that the exemption limit for Senior citizens will be increased from 2.5 to 3 lacs. Sources say that the government is thinking of increasing the Income tax Exemption limit to three lacs. Apart from this, there may be an increase in the Tax limit for interest paid on home loans. For the time being, home loans have a tax exemption of Rupees Two Lacs per annum. Sources say that another reason for extending the Tax exemption limit is that the number of people who belong to the Low Income group are more, but the total Income tax received from them is less. So if the government increases the slab for Income Tax exemption, there will be not much loss in Revenue. Instead, most of the taxpayers will have a great relief. Sources say that considering the ‘Make in India’ campaign, the corporate industry may also enjoy certain tax benefits.

There may be a declaration in the measures that directly benefit the people.

Even earlier there was a voice raised in regard to Income Tax
In the revised Direct Tax Code Bill also it has been spoken to increase the Tax Exemption limit to three lacs. Similarly the Parliament’s Financial Affairs committee has also recommended extending the Income Tax exemption limit to three lacs.

Break in the fall of Sensex

Mumbai, Pretti : A continuous decline of consecutive sessions in Dalal street has stopped on Wednesday. The projection of 7.4 percent economic growth in the current financial year has forced the investors to buy stocks in early hours. It is a different matter that the defeat of BJP in the Delhi Assembly elections has wrapped up this progress. The Sensex of the initially flying Mumbai Share Bazaar (BSE) had increased 128.23 points and is now stopped at 28355.62. In the same way nifty of the National Stock Exchange has reformed 39.20 points and now has reached 8565.55 points. The Sensex of 30 shares had opened at a weak state of 28122.48. In a few hours, this reached the day’s highest at 28633.72 points. It’s a different issue that they lost an initial rise of 400 points. As the Delhi Assembly Elections were unmasked, the sale in the bazaar started increasing. In the last few business hours the Sensex came down to 28044.49. In the BSE Indices, the investors showed more interest in Banking, auto, metal and consumer durable segments. Among Sensex of the 30 companies, the share value of 18 increases, whereas decline was recorded in 12.

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