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Increase of threshold limits of income tax to 6 /7 lakh &Standard deduction of 3 lakh .

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To

The Finance Minister of India

 The All India  Pensioners Association of CBEC demands for increase of threshold exemption limits of income tax to 6 lakh for citizens and 7 lakh for senior citizens , Standard deduction should be increased to 3 lakh and tax rate of 5% for income below 10 lakh.
It is expected by the salary class that the government should increase the exemption limit and tweak income tax slabs and rates in Budget 2018-19 to bring down the burden on individuals particularly salary class including pensioners. It is felt that the threshold limits for
taxation would increase further 6 lakh for citizens and 7 lakh for senior citizen in order to boost disposable income in the hands of the people. Further multiple outdated deductions would be replaced with a standard deduction of 3 lakh in order to reduce the tax burden of employees. The employees expect the finance minister to lower tax rate to 5 per cent, for the income below 10 lakh after allowing threshold exemption of 6 or 7 lakh and standard deduction of 3 lakh.



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