Budget 2018: Tax exemption limit could be raised
The middle class will be heavily relieved of the 2018-19 budget as the Finance Ministry feels the need to adjust tax slabs to increase the tax deduction limit. This is the last common budget of the NDA government.
There is a proposal before the Ministry to increase the tax exemption limit from Rs 2.5 lakh to Rs. 5 lakhs.
Furthermore, the cabinet considers that the middle-class revenue, especially the salaries of the tax slab, would have a substantial relief to the salaried class, helping them to overcome the inflationary impact,