PHDCCI asks for doubling of I-T exemption limit

PHDCCI asked Govt to double exemption limit on I-T to at least Rs 1 lakh and raise standard deduction to Rs 50,000 irrespective of income levels.

Industry chamber PHDCCI on Tuesday asked the Government to double the exemption limit on Income Tax to at least Rs 1 lakh and raise the standard deduction to Rs 50,000 irrespective of income levels.

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Seeking restructuring of various tax slabs to take care of actual cost of living, the chamber, in a memorandum to the Finance Ministry, also demanded that the maximum marginal rate of 30 per cent be made applicable to income exceeding Rs 4 lakh instead of the present Rs 1.5 lakh.

It said even if the purchase parity of the rupee formed the basis for taxation, cost of some of the basic necessities for living in metros were comparable with that of any developed country.

It demanded that 10 per cent surcharge on total income over Rs 8.5 lakh, levied to meet financial commitments of Government during exigencies, should be withdrawn.

Moreover, the chamber asked for higher exemption for the expenses against tuition fees paid for children's education.