With the Union Budget scheduled to be presented on February 1, all eyes are on the finance minister. The government should aim at making the Budget taxpayer friendly, straightforward and uncomplicated. Whenever it comes to the Budget, the primary focus is on the basic tax exemption limit. Given the inflation rate over the years and the need to rev up savings, the tax exemption limit of Rs 2.5 lakh which has remained unchanged since the last three years needs to be raised to at least Rs 5 lakh.
Rakesh Nangia, Managing Partner contributed an article on Budget 2018: Salaried class, elderly seek tax relief for Financial Express.