Online Desk: Finance Minister AHM Mustafa Kamal on Thursday proposed increasing the tax-free income limit to Tk 3.5 lakh from Tk 3 lakh for individual taxpayers for 2023-24 fiscal year.

Besides, the tax-free income threshold for women and senior citizens above 65 years of age has also been increased to Tk 4 lakh from Tk 3.5 lakh.

Proposals have been placed for the physically challenged people and third gender taxpayers to extend their tax-free income limit to Tk 4.75 lakh, which were Tk 4.5 lakh and Tk 3.5 lakh respectively.

The tax-free income limit for war-wounded gazette freedom fighter will be Tk 5 lakh, up from Tk 4.75 lakh. Earlier, the government increased the tax-free income Tk 3 lakh back in fiscal 2020-21.