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The key Parliamentary Committee on Friday reached a consensus to raise income tax exemption limit to Rs 3 lakh from current Rs 1.8 lakh, say sources.
Sources revealed that he Committee is of the opinion that the income tax exemption limit should be Rs 3 lakh.
The committee, according to sources, wants the government to raise the income tax exemption limit in view of the near double-digit inflation which has eroded purchasing power of rupee.
The DTC, which seeks to modernise the direct taxation system, will replace the Income Tax Act, 1961.
Although the government is unlikely to introduce the DTC from April 1, 2012, as planned earlier, it may incorporate some of the provisions of the proposed law in the Budget for 2012-13, to be unveiled on March 16.(PTI)
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