Budget 2016: Common man expects hike in personal income tax exemption limit

Zee Media Bureau

New Delhi: With just less than a week remaining for the Finance Minister to present the Union Budget for 2016, the common man has started building up expectations from the Narendra Modi-led NDA government at the Centre.

Considering the Modi government’s track record, people have high expectations from the BJP regime and hope that there will be some significant policy changes that would make a positive impact on their day-to-day lives.

One such important aspect is the raise in Income Tax exemption limit.

The common man expects the income tax limit to be increased from prevailing Rs 250,000 to Rs 300,000. This would help people save more. Additionally, increase in tax limit will kickstart savings which will ultimately lead to increase in investment and liquidity in the system.

The working women’s contribution to the national economy is also increasing slowly but steadily. As an incentive, tax exemption for them too needs to be raised to at least Rs 4 lakh.