Union Budget 2015-2016: The FM could also rejig the income-tax slabs. Currently, income below Rs 2.5 lakh a year is not taxed; annual income of Rs 2.5 lakh to Rs 5 lakh is taxed at 10%; income between Rs 5 lakh to Rs 10 lakh is taxed at 20%, while income above Rs 10 lakh attracts a tax of 30%.
A change in the slabs, along with a hike in the exemption limit, will raise the salaried class' disposable income, enabling more spending and pushing for goods such as cars.
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