National

Assocham proposes to raise taxpayers’ exemption limit

NEW DELHI, JUN 9 (AGENCIES) | Publish Date: 6/9/2019 11:59:45 AM IST

Industry body Assocham said it has proposed to raise the basic exemption limit for individual income taxpayers in its pre-Budget memorandum to the government.

According to the industry body, the basic exemption limit for an individual taxpayer should be raised to Rs 5 lakh from Rs 2.50 lakh in the backdrop of the inflationary impact over the years.

“Considering the inflation over the years, tax exemption limit should be increased from Rs 2,50,000 to Rs 5,00,000,” Assocham’s memorandum to the Finance Ministry stated.

The new government would present its first full Budget 2019-20 to Parliament on July 5.

Besides, the chamber suggested that to bring a parity amongst salaried and non-salaried taxpayers, “it is desirable that standard deduction be reinstated in the statute. Approximately 20 per cent of the gross salary subject to a maximum limit of, say, Rs 1,00,000 could be considered for the purpose of standard deduction.”

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