Stating that the common man has been impacted badly by high inflation and steady increase in fuel prices, consultancy firm PwC today pitched for a slew of concessions on the income tax front, including relaxation of exemption limit to Rs 3 lakh from the present Rs 2 lakh. The budget should raise basic exemption limit to Rs 3 lakh from Rs 2 lakh and also introduce a special basic exemption for women at Rs 3.25 lakh beyond which they will come into the tax bracket, the consultancy firm said. Considering the poor state of finances and the need to control fiscal deficit, PwC said the government can look at introduction of a tax slab for those earning above Rs 50 lakh and recommended a 35 percent tax for such people.

Read the Economic Times news report here.