Budget 2019: Income tax exemption limit likely to be increased to Rs 5 lakh

Budget 2019: Income tax exemption limit likely to be increased to Rs 5 lakh

Jaitley may double the income tax exemption threshold for the salaried from Rs 2.5 lakh currently to Rs 5 lakh and reinstate tax-free status for medical expenses and transport allowance.

With less than three weeks to go for Finance Minister Arun Jaitley’s Budget 2019 speech, speculation is rife on what he may end up offering Indians just months ahead of the general elections. The wish list of the common man as well as industry chambers includes income tax sops, and the buzz is that the government is likely to give in.