The tax free income for individual and general taxpayers has remain same as that of last fiscal.
The threshold of tax free income for individual taxpayers was Tk 2.20 lakh in fiscal 2013-14. This year, the limit of tax free income has not been increased for the general taxpayers.
However, in his budget speech on Thursday afternoon, Finance Minister abul Maal Abdul Muhith has proposed to increase such threshold for women taxpayers and also senior citizens aged over 65 years from Tk 2.50 lakh to Tk 2.75 and for the physically challenged taxpayers from Tk3 lakh to Tk 3.5 lakh.
Besides, the the minister also proposed to increase the threshold for freedom fighters from Tk2.2 lalk to Tk4 lakh.
Muhith came up with the proposals considering the issues of prevailing inflation, increasing living expenses and the necessity of reducing tax liability of marginal taxpayers.