Increase I-T exemption limit to Rs 5 lakh: PMK

Ramadoss 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. Ramadoss further suggested that the tax rate should be capped at 10 per cent for income up to 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 the expectations among public since the general and railway budgets were being presented together after a span of 92 years, he said. Demanding full tax exemption for senior citizens, Ramadoss said the import duty on gold should be either fully waived or it must be cut down to five per cent.