Central Ministry of Finance: No income tax for annual earnings below Rs. 3 Lakhs!
Posted on: 14/Feb/2015 3:10:36 PM - No. of views : (2218)
The central government is set to present its budget for the financial year 2015-16 on 28th February.
Giving due consideration to several factors including the rise in cost of living, there has been persistent demands that the upper limit of income tax limit for monthly salary earners must be raised.
Currently, the upper limit is annual salary of Rs. 2.5 Lakhs for tax exemption.
There is a strong expectation that the Fiance Minister, Mr. Arun Jaitley will raise this upper limit to Rs. 3 Lakhs per annum.
The inner circles of the ministry of finance confirm that there are indeed bright prospects for this.
