In order to provide the much needed relief to people, a Parliamentary panel scrutinising the Direct Taxes Code (DTC) Bill has suggested raising the income tax exemption limit to Rs 3 lakh and also hiking deduction on savings to Rs 2.5 lakh.
“The committee has adopted the report. It only needs to dot the i’s and cross the t’s. The report will be submitted within a week...possible ahead of the (Budget) Session”, sources said after the meeting of the Parliamentary Standing Committee on Finance held here on Friday.