Friends,
The budget for the financial year 2011-12 is in progress. Here is a good news for the salaried persons. In order to provide some relief to the salaried class, who have been drastically hit by food inflation, the government is considering raising the income tax exemption limit from the current Rs 1.60 lakh per annum by another Rs 20,000. Finance minister Pranab Mukherjee is expected to make this announcement in the upcoming annual budget. Not just food but prices of other essential commodities including oil have been sharply rising in the past one year and collectively the two have resulted in pushing up prices of all other good. The Indian middle class is reeling under this rising inflation. A Government official stated that ‘providing relief for rising prices’ is a priority for the Government.
