Union Budget 2019: Income tax exemption limit likely to be increased to Rs 3 lakh, says report
Updated : June 26, 2019 05:18 PM IST
The move to increase the personal income tax threshold to Rs 300,000 is aimed at countering the economic slowdown and falling consumption in the country.
The change is expected to be introduced during the upcoming Budget on July 5 and is expected to aid economic growth.
The new proposal, if it becomes a reality, will directly benefit the nation’s five crore taxpayers who will end up saving an additional Rs 2,500 in annual income taxes.