New Delhi, Mar 11, 2012(TNN): A majority of employees surveyed expect Finance Minister Pranab Mukherjee to increase the income tax exemption limit to Rs 3 lakh in the upcoming Budget, in line with rising inflation, Assocham has said.
“Over 89 per cent of respondents said the slab of tax-free income has not moved up in line with the real inflation. Therefore, there is a need to increase the basic exemption limit to Rs 3 lakh, as it will spike up the purchasing power of individuals and stimulate demand,” the survey by Assocham said.
At present, the income tax exemption limit is Rs 1.80 lakh.
