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IT exemption limit News
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The industry body also demanded additional incentives for savings and higher tax allowance for expenditure on education and health, quoting findings from its Aam Aadmi survey.
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Hike in personal income tax exemption limit to Rs.3 lakh, deduction for housing loans up to Rs.5 lakh and upward revision in the medical reimbursement allowance are among the main expectations of salaried individuals from the budget 2015-16, the first full-fledged from the Narendra Modi government, according to an ASSOCHAM survey.
In post-budget comments, the minister said there will be no fresh liability but also ruled out refunding taxes collected over the last 30 or 40 years.
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