Income tax exemption limit likely to be enhanced to Rs 5 lakh in budget

As of now, the maximum slab of income which is not chargeable to income tax is Rs 2.5 lakh. For persons in the age bracket of 60-80 years, the exemption limit is Rs 3 lakh and for senior citizens above 80, it is Rs 5 lakh.

The move would also promote investments, sources said further. Finance Minister Nirmala Sitharaman is expected to present the Union budget for 2023-24, on February 1, 2023.