New Delhi, Jan 25: Government will consider demands for raising exemption limit in income tax slabs in the upcoming Union Budget 2017-18. Santosh Gangwar, Minister of State for Finance, said there are demands to raise existing exemption limits in income tax slabs and the government will consider it for the Budget 2017.
“The Finance Ministry will consider those demands and take the best decision,” said Santosh Gangwar on demands for raising exemption limit in income tax slabs, while speaking to India Today. There have been reports that the income tax slabs are likely to be increased from a minimum of Rs 2.5 lakh per annum to Rs 4 lakh in the upcoming Budget.
Finance Minister Arun Jaitley will present Union Budget for 2017-18 on February 1. The government is likely to speed up 25 percent corporate tax rate and announce relief for small taxpayers who have bear the pain during the demonetisation process.