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Will there be any IT concessions in the coming budget
Posted on: 04/Jan/2017 6:08:06 PM
It is expected that the government is set to offer some compensation or relief to the public who experience long suffering with the demonetization and the efforts to control and contain black money.
The budget session is scheduled to start on 31st January. The budget will be presented on 1st February.Information is gathered that the central government is set to offer some Income Tax concessions.
It is expected that there would be change in the upper limit for the taxable bracket. Presently, the maximum limit for not paying any IT is Rs. 2.5 Lakhs per annum. It is expected that this may be raised to Rs. 4 Lakhs per annum in the coming budget.
Presently, the Income Tax is set at 10 percent for those in the annual income group of Rs. 2.5 Lakh to Rs. 5 Lakhs. For the income group of Rs. 5 Lakhs to Rs. 10 Lakhs per annum, the IT is 20 percent. For the income group above Rs. 10 Lakhs per annum, IT is 30 percent.
It is expected that there might be changes in the above procedure rates in the coming budget.
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