Increase income tax exemption limit to Rs 5 lakh: PMK

Ahead of the union budget presentation next month, PMK chief S Ramadoss today urged the Centre to increase the income tax exemption limit for individuals from the Rs 2.5 lakh to Rs 5 lakh.
He said it was the demand of the salaried class for many years that the income tax exemption limit should be considerably increased.
Apart from increasing the limit, the tax rate should be reduced he said in a statement.
He said the tax rate should be capped at 10 per cent for income upto Rs ten lakh, 20 per cent for income between Rs 10 lakh and Rs 20 lakh and 30 per cent beyond that threshold.

The Union budget has raised expectations among public since the general and railway budgets were being presented together after 92 years, he said.
Demanding full tax exemption for senior citizens, he said the import duty on gold should be either fully waived or it must be cut down to five per cent.