No change in tax-free income limit

The proposed budget for financial year 2016-2017 suggested the limit of tax-free individual income to be kept unchanged at Tk 2.50 lakh.

Finance Minister AMA Muhith, on Thursday, presented his budget proposal of Tk 340,605 crore with a deficit of Tk 97,853 crore.

"Last year the tax-exempted income-threshold for individual tax payers was Taka 2.50 lakh and there was an opportunity to change this threshold for various types of taxpayers," Muhith said.

He added: "In the next year (as well), I propose not to bring any change in these tax rates."

Tax exemption threshold for women and senior citizens, aged 65 years or above has been remained at Taka 3 lakh while person with disability at Taka 3.75 lakh, war-wounded freedom fighters named in the gazette at Taka 4.25 lakh.

With inputs from BSS