Tax alert! Income tax return (ITR) exemption limit may be hiked from Rs 2.5 lakh to Rs 5 lakh, standard deduction to Rs 1 lakh in Budget 2021
Income tax return (ITR) exemption limit: Middle Class taxpayers may get a very big demand of theirs cleared by Finance Minister Nirmala Sitharaman as the Narendra Modi Government is expected to announce a hike in the basic tax exemption limit.
Sources close to IANS said that while the level of Income tax standard deduction has not been worked out, if accepted, it may go up to Rs 75,000-Rs 1,00,000 based on various pre-budget recommendations given to the Finance Ministry. Photo: PTI