Thursday, 3 February 2011

Budget Expectation- An increase in income tax exemption limit

The PTI News reported that the government of India may consider increasing the no tax limit in the following Budget (Budget 2011-12) to get some relief from the high rate of inflation.

This increasing tax exemption limit idea may be with the consideration of the present situation of the increasing tendency of price and the impact of such price rise among common people those who do not get the benefit of increasing Dearness Allowance. There is a 3 point hike in All India Consumer Price Index also in December 2010.

The government is committed to increase the tax exemption up to Rs. 2 Lakh from the financial year 2012-13, when applying DTC (Direct Tax Code). But most of the taxpayers expected some relief in the next budget which will be on 28th February, 2011.

"The finance ministry would keep in mind the high inflation in the Budget. Since there is no dearness allowance for a vast section of the society, hike in income tax exemption limit is likely," a source told PTI.

We can hope that the expectations may come true the finance minister may extend his helping hand to give a relief in the present situation of inflation, even though he has to consider so many other factors also.

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