7th PAY COMMISSION NEWS - CENTRAL GOVERNMENT EMPLOYEES NEWS

Income Tax Exemption Limit Raised by Rs.50,000 – Does it meet the Central Government employees’ expectations? Finance Minister Arun Jaitley announced that the Income Tax exemption limit for individual taxpayers, below the age of 60 years has been raised from Rs. 2 lakhs to Rs. 2.5 lakhs. The General Budget 2014-15 presented by the Union Finance Minister Shri Arun Jaitley on 10th this month, most Central Government employees were hoping that the Income Tax exemption limit for salaried pupil would be raised to atleast Rs 3 lakhs this time. But the Finance Minister delivered a shock and disappointment to everyone with an increase of a mere Rs. 50,000.

Income Tax exemption limit should be raised to Rs 5 Lakh: Arun Jaitley Arun Jaitley, one of BJP’s prominent leaders says that raising income tax slab to Rs 5 lakh will benefit more than thirty million people in the country. He also added that direct tax should be reduced, If the Income Tax limit is raised from Rs. 2 lakh to Rs. 5 lakh, 3 crore people will save Rs. 24 crore which will lead to a small impact of 1 to 1.5 per cent of the National Tax Fund. All 100% of the Government employees pay taxes without fail, all the time. There is no doubt about it.