Personal Income Tax Exemption to 5 Lakhs in Union Budget 2015

Arjun Jaitley, the finance minister is going to introduce the Union Budget 2015 on February 28^th as the personal income tax exemption might change to 5 lakh rupees.

Considering the middle class and to integrate the enhancement to consumption, the government may come out with a raise of personal income tax exemption limit up to five lakh rupees. The ultimate decision on this issue will be announce on February 28^th by the finance minister, Arjun Jaitley, the Union Budget of 2015.

To have a growth in the investment, there might be a chance of rising in the deductions that are accessible under different aspects that which may also include medical rising cost and in housing (as it means in the view of reasonable housing). Now, the middle class can anticipate some support in this prospect.

According to the reports, “While the basic exemption limit for individuals (other than senior citizens) could go up from Rs 2.5 lakh to Rs 3 lakh, the investment limit for claiming deduction under Section 80C will increase to Rs 2 lakh from Rs 1.5 lakh at present. The present higher limits for senior citizens would be correspondingly raised. The two measures, together, could result in an annual revenue loss of around Rs 30K crore to the government and a corresponding boost to household savings.”

Besides that, the drive over there when comes on the housing prospect, tax inducement for the initial buyers might also be added. The economic enticement for the programme, ‘Make in India’ in the way of higher falls and minor taxation can also be an element of the Union Budget document.

In the case of foreign investors, the declaration of those prospects that which are oriented to shift the pricing, minimum alternate tax (MAT) and the method for recovering arrival on infrastructure investments might be declared in the forthcoming Union Budget of 2015.