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Going by emerging reports from Delhi, Narendra Modi government is likely to increase the Income Tax Slab limit from existing 2 Lakh to 5 Lakh. As per the reports, already Finance Ministry has sought a detailed report from Central Board of Direct Taxes (CBTD) on this.

Reports further say that Central government is also considering to raise the tax exemption limit on home loans and health insurance premium. Health Insurance Premium is expected to be raised by Rs 5000. If all goes well, this would be landmark step by Narendra Modi's government