ISLAMABAD, May 9: The government is likely to raise the Income Tax exemption limit for individuals, Hindu Undivided Family (HUFs) and Association of Persons (AOPs) from Rs60,000 to Rs80,000 during the forthcoming budget of 2002.

Senior Income Tax officials in the Central Board of Revenue (CBR) told Dawn on Thursday that the proposal to raise the exemption limit up to Rs80,000 was under consideration.

They said that the decision was expected to be announced through the finance bill 2002.

In last year’s budget the Income Tax exemption limit for individuals, HUFs and AOPs was raised to Rs60,000 from Rs40,000. The rate of minimum tax was raised from five per cent to 7.5 per cent through the same ordinance.