Pattali Makkal Katchi (PMK) founder S. Ramadoss has urged the Central government to raise the Income Tax exemption limit from Rs. 2.5 lakh to Rs. 5 lakh in the upcoming Union budget, slated to be announced next week.
In a statement issued here on Sunday, he said that expectations from the public were high following the merger of the railway budget with the general budget.
The prospect of raising the Income Tax exemption limit had been talked about for a long time but was yet to be implemented, he noted.
Besides calling for changes to the tax slabs for calculating Income Tax, Mr. Ramadoss also sought full tax exemption for senior citizens.
Mr. Ramadoss said the tax rate should be capped at 10 per cent for income up to ₹10 lakh, 20 per cent for income between ₹10 lakh and ₹20 lakh and 30 per cent beyond that threshold. The PMK leader called for either a waiver of import duty on gold or cut the rate from 10 to 5 per cent.
