New Delhi: In a time when high inflation is blowing holes in pockets of consumers, if a relaxation is granted on tax deduction, consumers will definitely get a reason to celebrate. Well, Ministry of Law and Justice has approved the proposal to raise annual income tax exemption limit from 2 lakh to 3 lakh, reports DB correspondent.
The Direct Tax Code (DTC) draft will now be sent to Cabinet for approval. Thereafter, the approved draft will be introduced in Parliament. According to an official of Ministry of Finance, Parliamentary Committee has nearly agreed to the tax exemption limit under the latest draft of future DTC bill.
The Direct Tax Code (DTC) draft will now be sent to Cabinet for approval. Thereafter, the approved draft will be introduced in Parliament. According to an official of Ministry of Finance, Parliamentary Committee has nearly agreed to the tax exemption limit under the latest draft of future DTC bill.
