New Delhi: The salaried class and the farmers can expect some goodies from the Finance Minister Pranab Mukherjee. Keeping an eye on assembly elections in five states, in Budget 2011-12, Mukherjee is likely to give tax concessions to the salaried class and offer incentives to farmers to give relief from high prices.
It is widely expected that the Budget will raise the income tax exemption limit to Rs 1.80 lakh from the current Rs 1.60 lakh per annum.
The Finance Ministry is already committed to raising the exemption limit to Rs 2 lakh per annum in the Direct Taxes Code (DTC) which is to be implemented from April 2012.
Mukherjee may also consider raising the limit for investment in tax-free infrastructure bonds to give a life to the fund-starved sector. Presently, investments up to Rs 20,000 in infrastructure bonds are eligible for tax exemption....more
08:50 AM, Feb 28, 2011