Parliamentary standing committee to pitch for big sops for small taxpayers

Small taxpayers, worried over the disproportionate burden on them, can cheer. The parliamentary standing committee on finance is likely to pitch for 50% increase in the exemption limit for savings to R1.5 lakh in the proposed Direct Taxes Code (DTC). It has also proposed a widening of the tax slabs, which will benefit taxpayers across income levels. According to draft report, the committee found that the ministry's proposals of R1 lakh exemption limit in DTC Bill (which is also the present level) is inadequate, considering the social security needs and the need to promote long-term savings.

Source: Financial Express