<h1>Government Proposes Income Tax Exemption Increase to Rs 2 Lakh, Removes Corporate Tax Surcharges in DTC Bill.</h1> The government has proposed raising the income tax exemption limit from Rs 1.6 lakh to Rs 2 lakh, following the Cabinet's approval of the Direct Taxes Code (DTC) Bill. This change aims to increase disposable income for individuals. The bill also plans to eliminate surcharges and cesses on corporate tax, potentially benefiting businesses. The DTC Bill is expected to be presented in Parliament during the current Monsoon session and may be reviewed by a select committee of members from both houses.