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ASSOCHAM to Propose Increasing Tax Exemption Limit to ₹5 lakhs
June 11, 2019
Industry leader ASSOCHAM said that the basic tax exemption limit for an average tax payer should be increased to ₹5 lakhs from current ₹2.5 lakhs. It’s suggested that the same should be taken up with the government in its pre-Budget memorandum.
ASSOCHAM said that there is a disparity between business owners and salaried professionals in a way that the latter have to pay higher taxes. It said that tax benefits should be given on individual heads like leave travel expenses, medical expenses, etc. so that the common tax-payer is left with more disposable income.
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