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Double personal IT exemption limit to Rs 5 lakh in Budget: Assocham to govt

Dec 15, 2022 08:00 PM IST

Currently, the maximum amount of income which is not chargeable to income tax is Rs 2.5 lakh. In case of persons in the age bracket of 60-80 years, it is Rs 3 lakh and Rs 5 lakh for senior citizens who are above the age of 80.

Industry body Assocham on Thursday made a strong case for doubling the income tax exemption limit to Rs 5 lakh in the forthcoming Budget so that the economy gets a consumption boost.

Currently, the maximum amount of income which is not chargeable to income tax is Rs 2.5 lakh. In case of persons in the age bracket of 60-80 years, it is Rs 3 lakh and Rs 5 lakh for senior citizens who are above the age of 80.

During a media interaction, Assocham President Sumant Sinha opined that companies in sectors like steel and cement are now beginning to make plans to increase capacities.

Talking about the downside risks, he shared that globally, the world might go into recession and that will impact the external sector, and therefore may affect India's gross domestic product (GDP).