I-T exemption News
Income tax is a tax on profits and there is no rationale for exempting profit-making cooperative banks from payment of income tax, government said.
Finance Minister Arun Jaitley should double the basic income tax exemption limit to Rs 5 lakh per year and raise the ceiling for claiming deduction under Section 80C to Rs 2.50 lakh, according to a survey by tax consultant Deloitte.
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