Income tax exemption limit may increase by 2.5 lakh, people expressed hope in the survey
New Delhi: Most people believe that the income tax exemption limit can be increased from Rs 2.5 lakh in the Union Budget for the financial year 2022-23. This opinion has emerged during a survey by KPMG India. The general budget is going to be presented on Feb 1.
In a survey conducted by KPMG ahead of the budget, 36 percent of people believe that the deduction limit under 80C deduction can be increased from Rs 1.5 lakh. At the same time, 19 percent(19%) said that the standard deduction limit for a salaried person can be increased from the existing Rs 50,000.
As per the survey, 16 percent(16%) of the respondents expect the budget to provide tax-free allowance/other benefits for the salaried person keeping in mind the work-from-home arrangement. This provision can be made for internet connection, furniture, and earphones.
KPMG India has done this pre-budget survey in January 2022. The views of about 200 professionals from the financial sector have been taken. 64 percent percent of the people surveyed said that they expect the basic income tax exemption limit to be increased from Rs 2.5 lakh per annum.
