Budget 2023: Why basic income tax exemption limit may be increased to Rs 5 lakh

[IndiaInsurance]

https://img.etimg.com/photo/96761500.cms (https://economictimes.indiatimes.com/wealth/personal-finance-news/why-income-tax-basic-exemption-limit-should-be-increased-to-rs-5-lakh-in-budget-2023/articleshow/96761500.cms)Currently, the basic income tax exemption limit is Rs 2.5 lakh for individual taxpayers under both the old and new income tax regimes. Experts are now asking the central government to increase the basic exemption limit from Rs 2.5 lakh to Rs 5 lakh in Budget 2023 to boost consumption and further leg-up in the economic recovery. Will Finance Minister Nirmala Sitharaman provide this much-needed relief to middle-class taxpayers in Budget 2023? Read on

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