Budget 2013: Salaried class wants IT exemption limit raised
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Budget 2013: Salaried class wants IT exemption limit raised

Last Updated: Wednesday, February 13, 2013, 14:45
 
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Bangalore: A vast majority of salaried class employees in a host of trade and industry sectors want Finance Minister P Chidambaram to raise the income tax exemption limit to at least Rs three lakh and increase deductions like medical and educational allowances in the Budget, an Assocham survey said.

The survey was conducted in major places like Delhi-NCR, Mumbai, Kolkata, Chennai, Bangalore, Ahmedabad, Hyderabad, Pune, Chandigarh and Dehradun on 'Budget 2013: Common man's expectations from the FM', the industry body said.

Over 89 percent of respondents said the slab of tax free income has not moved up in line with real inflation. The current basic exemption limit of Rs two lakh should be increased to at least Rs three lakh with the limit for women going up to Rs 3.5 lakh. This will increase the purchasing power of individuals and stimulate demand.

'Pushing the basic exemption limit the tax payers in saving taxes and will also align it with the proposals made by the Parliamentary standing committee on the Direct Taxes Code (DTC)', the survey noted.

With increasing healthcare costs, the existing tax free limit of Rs 15,000 should be increased to Rs 50,000, said 89 percent of the respondents.

The transportation allowance granted by the employer to his employee for commuting between the place of work and residence is tax-free to the extent of Rs 800 per month. This limit was fixed more than a decade ago, and needs to be revised upwards to at least Rs 3,000 per month, given the rising commuting costs, added the survey.

PTI

First Published: Wednesday, February 13, 2013, 14:32

Comments

Incom Tax Growing Up 4 lakh Because Of Due To More Dearness Previous Siab Vary low -Sanjay Jadhav -Pashte,(DHULE)
The transportation allowanace tax free amount is not actually calculated in most of the goverment services they pay tax for what ever they receive as allawanceThis should be made even and everybody either private or goverment employeee should get the same benefit-BABU -CHENNAI
IT limit should be raised to atleast 3 lacs and govt should tax the rich class more, in india there is a wide gap between rich and middle class, govt should take steps to cut this gap and take some more tax from wealthy people who dont pay enough tax in proportion of the assets owned by them-rahul -delhi
There should be 3 lacs exemption limit to all salaried and should increase by 5 lacs five years down the line This policy will increase more prosperity to the nation and reduce discrimination between hire classes and middle one The government can increase penalties charges eg road rule violation, uses of liquor, illegal work etc so to increase revenue-Brahama Nand Jaiswal -Dubai
if fm do it, this is very helpful for common man/sallary class -Nizamuddin Qureshi -Delhi
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