NMC asks FM to raise I-T exemption limit

Employee association National Mazdoor Conference (NMC) today asked the Finance Minister Pranab Mukherjee to raise the income tax exemption limit from Rs 1.60 lakh to Rs 3 lakh for the salaried class in the Budget for 2010-11.

"We urged the Union Finance Minister to raise the income tax exemption limit to Rs 3 lakh in the next (fiscal) year Budget being presented in the Parliament tomorrow in view of steep rise in prices of essential commodities," NMC President Subash Shastri told reporters here.

With price rise and inflation, the salaried class is facing a lot of economic hardships, he said, adding that raising income tax exemption limit from 1.60 lakh to 3 lakh would be a genuine measure to provide some relief to them.

Shastri added that this has become imperative in view of the pay hike with the implementation of the Sixth Pay Commission report.

"We have submitted a memorandum to the Union Finance Minister," he added.

The Association's President further asked Mukherjee to take immediate implementation of the 13th Finance Commission award and provide funds to the State government for release of the Sixth pay Commission arrears in favour of its employees and pensioners.

He expressed hope that the decision on the distribution of funds to the States as per the 13th Finance Commission award would be taken in the ensuing Budget.