evidence: Union Budget 2023: In the upcoming budget for 2023–24, the Union government is allegedly expected to increase the income tax exemption limit from the current Rs 2.5 lakh to Rs 5 lakh. If this comes into being, the consumers will have more disposable income in their hands. [...] As of now, the maximum slab of income which is exempted from the purview of income tax is Rs 2.5 lakh. Notably, the exemption threshold is Rs 3 lakh for people between the ages of 60 and 80, and Rs 5 lakh for senior citizens over the age of 80. According to sources, the move would also promote investments.