Ahead of the Budget, some members of a Parliamentary panel scrutinising the Direct Taxes Code (DTC) Bill today pressed for raising the income tax exemption limit to Rs 5 lakh per annum. The Standing Committee on Finance, which met under the chairmanship of senior BJP leader Yashwant Sinha, has decided to finalise its report by March 2, enabling Parliament to consider the ambitious reforms in direct tax regime. "The Committee will meet again on February 24 and finalise the report on the DTC Bill by March 2," sources said. Some members, they said, "wanted the IT exemption limit to be increased to Rs 5 lakh per annum in view of inflation and erosion in purchasing power of rupee."
Source: Economic Times
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