Multiple choice

In the budget for 1992-93 the income tax exemption limit was raised to

  1. Rs. 22,000

  2. Rs. 30,000

  3. Rs. 28,000

  4. Rs. 40,000

Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

In the 1992-93 Union Budget presented by Finance Minister Manmohan Singh, the income tax exemption limit for individual taxpayers was raised from Rs. 22,000 to Rs. 30,000. This was part of the economic liberalization reforms to provide relief to the middle class and stimulate demand.

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