Income Tax exemption limit to increase upto 3 Lakh, food prices doubles
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New Delhi: Income tax exemption limit of Rs three lakh from 1.80 lakh is expected to be increased. Parliamentary Standing Committee has sought recommendations from the Finance Ministry. Finance Minister Pranab Mukherjee, discussed? Finance Bill in the Rajya Sabha on Tuesday.
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He said the country?s 50-year-old tax law designed to improve direct tax code (DTC), the bill will be introduced in monsoon session of Parliament. Much of the Standing Committee approved recommendations.
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Pranab said in the budget session, I get a chance to look over all the recommendations. The Cabinet?s approval of both houses approve the bill will be introduced in the monsoon season. DTC will impact the country?s tax laws. It will replace the Income Tax Act of 1961. Standing Committee headed by BJP leader Yashwant Sinha with other recommendations of the report ? along with income tax exemption limit to Rs three lakh has been suggested.
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Food prices doubles :
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In the UPA tenure if figures are to be believed, food prices has gone up or just the double.? According to the sources, ?Government data on wholesale price index, (WPI) reveals that there has been a 63 percent increase in the price of all commodities between ?April 2004.
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For household especially the poor, food inflation can have the most damaging impact, given that a bulk of spending in the lower income section. Even the fruits have seen a lower spurt of around 90 percent. In fact if we talk about the beverages, coffee has increased by 269 percentile in last 5 years.
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