New Finance Minister Arun Jaitley has all set to submit full budget for the financial year 2014-2015 in next month. There is a buzz that BJP has planned to attract middle class and salaried section with its new Interim Budget. As per latest buzz among the media circles, this time Union Government is likely to be increase the Income Tax slab limit.
Narendra Modi new Government will increase Income Tax slab limit from for exemption from 2 lakhs to 5 lakhs. This gives huge relief for salaried people who suffered with all increase in general prices. Sources further said that is also considering raising the tax exemption on home loans and health insurance premium.
There is also another proposal of increasing limit to another 50K under section 80 (C) of Income Tax. BJP remembered the support of middle class families and salaried people in the general elections to cross 272+ in Lok Sabha. Arun Jaitely is likely to be submitting first financial budget by the end of July 15th, 2014.