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Budget 2023: Will the finance minister raise income tax exemption limit? Here's what experts say
| Jan 07, 2023, 05:58:26 PM | ET Now
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The basic exemption limit for Indian citizens in paying income-tax is Rs 2.5 lakh annual income, although currently people with annual income of up to Rs 5 lakh are not paying taxes. Many experts feel that is limit is too small and should be raised. Some experts also want the peak 30% tax rate to become applicable for income of over Rs 20 lakh per annum and not Rs 15 lakh as is currently the case. Watch the video to catch some more interesting perspectives.
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