Accordingly Finance Minister Arun Jaitley might make a move to the income tax exemption threshold to the salaried, which is as of now Rs 2.5 lakh to Rs 5 lakh, which would be a huge relief to the middle class. Furthermore resuming tax free status for medical expenses and transport allowance, this move is being made to provide relief to this class, which was probably the worst hit by demonetization.
Presently the BJP government is scared of a backlash from the middle-class voters in the upcoming general elections. Reportedly to avoid this blow back, the BJP is planning to streamline tax slabs. Reports added the problem which might crop up is that the Union Budget will be placed for discussion after the unveiling of the Direct Tax Code Report on February 28. Hence amending the tax rates before the release of the Budget might make it contentious.
Further as of now, income up to Rs 2.5 lakh is exempted from personal income tax and income between Rs 2.5-5 lakh draws 5% tax, income between Rs 5-10 lakh is levied with 20 % tax. Income above Rs 10 lakh is taxed at 30 %. Moreover an exemption of Rs 5 lakh is only provided to individuals of above 80 years.
Karnataka received excessive rainfall this year According to sources in the last 24 hours, 27 districts, 142 taluks and 549 hoblis received excess rainfall, as per data compiled by the Karnataka State Natural Disaster Monitoring Centre (KSNDMC). Meanwhile at least two deaths were reported due to the excess rainfall in Koppal district.
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