Budget 2021: Will basic tax exemption limit be raised to Rs 5 lakh?

 

Like every year, taxpayers are eagerly awaiting the budget announcements amid reports that the government is likely to loosen its purse strings and spend more to boost the ailing economy. One such expected move is an increase in basic tax exemption limit from.

Rs 2.5 lakh to Rs 5 lakh for people below 60 years of age.