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FM takes on board suggestion on reducing IT rate cut

By IndianMandarins- 03 Dec 2019


There was a long pending demand for reducing cut in personal income tax, Finance minister Nirmala Sitharaman had taken on board the suggestion from lawmakers to reduce personal income tax rates and it would be considered for its merit, rather than to bring parity with the government’s decision to slash corporate income tax rates.
It is very different to compare developed countries and developing countries and emerging economies and then say they have income tax reduction and therefore you should give, Sitharaman said, adding that the government has periodically given relief to individual taxpayers and several exemptions have been offered.
A government panel on direct tax has suggested relief for tax payers and the finance minister had earlier said the government was examining the report. Experts have demanded a cut in personal income tax rates to boost demand and consumption, but the government has little headroom to slash rates, given concern over the fiscal deficit which the Centre has said will be kept at the targeted level of 3.3% of GDP.

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