Every year, every government devises a new tax slab structure which tries to ease norms for the people who pay income tax. In his interim budget last year Finance Minister increased the limit of income tax by Rs 50,000. Instead of easing norms and increasing the exemption limit in the tax slab, can the government completely abolish the income tax? The answer to it is Yes!
Economic Survey 2014-15, tabled by Finance Minister Arun Jaitley in Parliament on Friday, pegs a growth rate of over 8 per cent for the next financial year while inflation has declined by over 6 percentage points since late 2013.
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Banking sector on Tuesday sought increasing the tax exemption limit for savings to Rs 2.5 lakhs and allowing it to issue off-shore rupee bonds to finance infrastructure, at a pre-Budget meeting Finance Minister Arun Jaitley had with banks and financial institutions.
Industry representatives who attended the meeting included Reserve Bank of India Deputy Governor Urjit Patel, State Bank of India chairperson Arundhatti Bhatacharya, Bank of Baroda executive director BB Joshi, Janaagraha’s Bharath Sondur, LIC chairman SK Roy, IIFCL chairman SB Nayar, IDBI Bank chairman Kishore Kharat, Axis Bank chief executive Shikha Sharma, and Citibank chief executive Pramit Jhaveri.
In the online survey taken by over 200 senior professionals across various India Inc. sectors, there are 53% respondents who expect an increase in the maximum limit of income not to be considered taxable. Further, almost 70% respondents to the survey expect an increase in limit for deductions allowed under section 80C, thus increasing the amount of disposable income in the hands of individuals.
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