₹5 lakh from the current ₹2.5 lakh with almost every two in five respondents saying this. Another 32% respondents said they want the government to ease tax burden on the salaried class by increasing the limit of standard deduction from the existing ₹50,000.
The survey also gauged Indian’s diligence in paying taxes. Nearly-two third of the total 1,022 respondents said that they pay income tax.
Among those who did, a significant 65% said they are unhappy with the current tax structure, with about 75% saying that the tax structure should vary depending on a person's economic status.
Salaried section also wants tax deduction on housing loan interest under section 24 to be raised. Interestingly, millennials (32%) are most likely to expect this tax incentive as compared to Gen X (28%) and Gen Z (19%)," the survey said.