Hike in Income Tax exemption limit likely

New Delhi: In what could probably become one of the landmark reforms by the Narendra Modi government, reports say the Centre is likely to increase the Income Tax slab limit for exemption from Rs 2 lakh to Rs 5 lakh.

The Finance Ministry has also sought a report on the same from the I-T department, say sources. The CBTD is likely to submit a proposal by June 20, added sources.

The government is also considering raising the tax exemption limit on home loans and health insurance premium.

The health insurance premium is likely to be raised by Rs 5,000, as per sources.

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