Ahead of the Budget, a key Parliamentary panel scrutinising the Direct Taxes Code (DTC) is likely to recommend raising of income tax exemption limit to Rs 3 lakh and tax breaks on investments to Rs 2.5 lakh.
“There is a consensus among the members that annual tax exemption limit be raised to Rs 3 lakh,” sources said after the meeting of the Parliamentary Standing Committee on Finance chaired by senior BJP leader Yashwant Sinha.
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