Government may raise income tax threshold in Budget 2019 to revive economy.

Finance Minister Nirmala Sitharaman may raise the tax exemption limit for working-age individuals to  3 lakh of their annual income, up from the current  2.5 lakh.

The proposed tax move would put at least  2,500 more in the hands of each of India’s 50 million taxpayers. It could also add to pressure on the budget deficit, which is pegged at 3.4 per cent of gross domestic product(GDP) for the current fiscal year that began on April 1.

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