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Demonetisation Concession: Government Plans To Raise I-T Exemption Limit For Individuals
Customers line up next to an ATM at a bank in Siliguri: (Photo credit: DIPTENDU DUTTA/AFP/GettyImages)
The Central government is planning to increase the income tax threshold in the coming fiscal year to ease the demonetisation-related hardships faced by the common man.
The Finance Ministry is also set on further alleviating the compliance burden on individual assessees. “Most processes such as filing and refunds are already online. The objective will be to further cut the physical interface between the taxpayer and the department,” said an official to the Hindu Business Line, while cautioning that this may have to be balanced by the requirement of more disclosures in the Income Tax Return forms.
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