Kamal proposes to raise tax-free income limit to Tk 3.5 lakh

AHM Mustafa Kamal, the finance minister, has proposed increasing the threshold for individual taxpayers' tax-free income from the existing level of Tk 3 lakh to Tk 3.5 lakh for the fiscal year 2023-2024.

Additionally, the tax-free income cap for women and those over 65 has been increased to Tk 4 lakh from Tk 3.5 lakh.

According to proposals, the tax-free income thresholds for third gender taxpayers and physically disabled people have been increased to Tk 4.75 lakh from Tk 3.5 lakh and Tk 4.5 lakh, respectively.

The tax-free income limit for gazette freedom fighters, who have been wounded in battle, would be Tk 5 lakh, up from Tk 4.75 lakh.

The government previously increased the amount of income exempt from taxes to Tk 3 lakh in fiscal 2020–21.

/MHK/