NITI Aayog to play proactive role in coming Budget

The National Institution for Transforming Indian (NITI) Aayog wants to keep I-T exemption intact at Rs. 2.5 lacs. Acoording to sources at NITI Aayog, the Aayog is in favour of expanding the tax base so that more people pay taxes instead  of increasing the exemption limit.

Union Finance Minister  Arun Jaitley, during his first budget speech, had increased the threshold limit to 2.5 lacs from 2 lacs in 2014-2015 Budget. The Aayog also emphasized that the central theme of the Budget will be "Job Creation". The Aayog may come up with a three year action plan, post Union Budget 2017-18.

NITI Aayog will also advocate in the field of social sector spending to increase the funding at least three-fold. The proposed plan may include partially decreasing the mega subsidies, using extra revenues in sectors like health and education.

Present income tax slabs:

For annual income from 

Rs 2.5 lacs to 5.0 lacs -  10 per cent 
Rs 5.0 lacs to Rs 10 lacs 20 per cent
Above Rs 10 lacs 30 per cent 

Lets hope we have some good news announced in this budget.