The central government plan to raise 5 lakhs for Individual income tax exemption limit

Tax exemption to income up to Rs 5 lakh per annum Businessmen, industry and monthly payers are demanding a revision of 10% tax on annual income from Rs 5 to 10 lakh and 20% tax on those with annual income of Rs 10 lakh to Rs 20 lakh and Rs 25 lakh as taxes.

    In the final and mid-term budget of the central BJP government, information has been announced to announce a proposal to exempt income tax payers from tax payers up to Rs 5 lakh in reducing tax burden on tax payers.

    The corporate tax may be reduced from 25 percent to 18 percent. The demand for the industry is to keep the tax on the long-term capital gain, keeping only the tax on the short-term capital gain.

   Individual income tax exemption for the current financial year 2018-19 is estimated at 2.5 lakh. All parties were expecting the last budget filing to increase the tax limit to 5 lakhs. But in contrast to their expectations, the annual income reduced from 10 percent to 5 percent for those with income from 2.5 lakh to 5 lakh. The standard deduction also announced a concession of up to 40 thousand.

     Central Finance Minister Jaitley said that it is only about 70 per cent of the central government's revenue from paying taxes. We do not want to lose it. That is why we do not keep the personal income tax deductible percent. However, in the coming fiscal year (2019-20), we have been convinced that we will make a strong decision.

 Now, the lifetime of the five-year rule of the ruling BJP government in the middle of May will not be able to file a full budget for the 2019-20-20 year. Instead, the interim budget can only be filed. No concessions can be announced on the interim budget. However, it seems that the central government has decided to announce glamorous offers to attract income tax payers.

 Federal Finance Minister Arun Jaitley is to file a transitional budget on February 1. Prior to filing the interim budget, the central government had asked suggestions and recommendations from industry and industry. Companies and the Federation of Indian Chamber of Commerce & Industry (FICCI) have given their suggestions and recommendations on budget.

 In the recommendation of the Federation of Business and Trade, individuals in the individual section of the age of 60 years are paying taxes of more than Rs 10 lakh to the taxpayers 30 per cent. It has recommended to increase the tax limit to 20 lakhs. An additional Rs 1 lakh can be taxed every year.

 The monthly salary proceeds up to 5 lakhs and the income tax payers of the income tax has been recommended to increase the minimum target of Rs 2.5 lakh to Rs 5 lakh. In this case the income tax payers can get exempt from paying taxes up to Rs 12500 per annum.

  In the middle of the ruling BJP, the government has not made any concessions to income tax payers in the first three budgets.