Central Government to increase upper limit for Income Tax!

Central Government of India is planning to increase the upper limit of the Income Tax exemption. The move is considered to increase money circulation.

When one's annual income exceeds Rs.2 Lakh, 5% IT is levied. With both GST and IT, the money in circulation has come down and this has developed a minor problem in the country.

Sales has been stagnant in industrial sectors. So the central government is reviewing to increase the limit for IT. Live Chennai reports that the government is reviewing to increase the limit to Rs. 10 lakhs.

If the annual income exceeds Rs.5 crores, 42.74% IT is levied. However, as the other Asian countries has it at only 29.99%, the limit for corporates has been reduced recently.