Modi govt likely to bring ordinance to cut tax rates for individuals
5 years, 3 months ago

Modi govt likely to bring ordinance to cut tax rates for individuals

India TV News  

After a massive tax bonanza for corporates, the Modi government may soon offer windfall gains for individual taxpayers too, by tweaking the tax slabs. People earning in the range of Rs 5 to Rs 10 lakh, could be required to pay lower tax rate of 10 per cent. A tax rate of 20 per cent could be levied on those earning between Rs 10-20 lakh a year. As per the suggestions given by the Task Force, those in the tax bracket of Rs 20 lakh to Rs 2 crores would pay at the rate of 30 per cent and beyond that a higher 35 per cent rate. Vivek Jalan, Partner and Co-founder at Tax Connect said that in order to boost consumption and consequential demand, it is essential to put more purchasing power in the hands of the people and hence the individual tax rates, especially the slab of 30 per cent should be revised to Rs 25 lakh.

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History of this topic

Why the budget must bring income tax relief this time around
1 week ago

Why the budget must bring income tax relief this time around

New Indian Express  

It's often argued that tax cuts can stimulate the economy. If so, given India's weakening urban consumption, the question is whether the government should consider cutting personal income taxes in the forthcoming Union budget or reduce rates that affect everyone like the GST. Just about 10%-15% of the population pay individual income taxes and so a reduction in income tax …

Modi govt’s 2025 budget likely to slash personal income tax, says report
2 weeks, 5 days ago

Modi govt’s 2025 budget likely to slash personal income tax, says report

Firstpost  

The potential tax relief is expected to benefit tens of millions of taxpayers, particularly urban residents facing high living costs. A final decision is expected closer to the budget announcement on February 1 India is weighing a proposal to cut income tax for individuals earning up to Rs 1.5 million annually in its upcoming budget, aiming to ease the financial …

Government may consider tax relief for income of up to Rs 10.50 lakh: Report
2 weeks, 6 days ago

Government may consider tax relief for income of up to Rs 10.50 lakh: Report

India Today  

The government is reportedly considering a tax cut for individuals earning up to Rs 10.5 lakh annually, potentially providing significant relief to middle-class taxpayers. As of now, taxpayers can choose between two systems: the traditional structure, which provides exemptions for expenses like housing rentals and insurance, or the newer regime, which offers lower tax rates but eliminates most exemptions. One …

Centre mulls income tax cut in 2025-26 Budget amid middle-class heat
2 weeks, 6 days ago

Centre mulls income tax cut in 2025-26 Budget amid middle-class heat

New Indian Express  

The Union government is reportedly considering a reduction in income tax for individuals earning up to Rs 15 lakhs, according to a media report. Notably, India’s income tax system features two regimes, offering taxpayers the choice between deductions and lower tax rates. Under OTR, the tax slabs for individuals below 60 years are as follows: income up to Rs 2.5 …

Tax action in the Union budget for 2025-26 could set the course for Viksit Bharat
1 month, 2 weeks ago

Tax action in the Union budget for 2025-26 could set the course for Viksit Bharat

Live Mint  

Balancing fiscal prudence with the need to provide a growth impetus has been a hallmark of our government over past Union budgets. Particularly praiseworthy is the government’s proposal to undertake a comprehensive review of the Income Tax Act of 1961 within the context of reviewing the entire direct and indirect taxation regime. On the indirect taxation side, the 2024-25 budget …

Budget 2024: Taxpayers, you can expect these 6 income tax benefits on July 23
5 months, 3 weeks ago

Budget 2024: Taxpayers, you can expect these 6 income tax benefits on July 23

Hindustan Times  

Finance minister Nirmala Sitharaman is set to present the Union Budget on July 23. Taxpayers are expecting a potential hike in standard deduction, relief in income tax rates and an increase in Section 80C exemptions in the Budget. Experts believe that adjustments to income tax slab rates could be seen in the Budget as the Finance Minister might announce tax …

Budget 2024: Low-income individuals likely to get big tax relief, says report
6 months, 3 weeks ago

Budget 2024: Low-income individuals likely to get big tax relief, says report

India Today  

The government is considering significant tax cuts for lower-income individuals in the upcoming Budget 2024, marking the first such relief in seven years, reported Bloomberg. Lower tax rates, new tax slabs Salaried taxpayers earning between Rs 5 lakh and Rs 15 lakh annually, currently taxed at rates ranging from 5% to 20% under the new income tax regime, could benefit …

Budget 2024: Which income categories can expect tax relief?
6 months, 4 weeks ago

Budget 2024: Which income categories can expect tax relief?

India Today  

The government is considering a reduction in tax rates for specific categories of salaried individuals, aimed at boosting consumption, reported news agency Reuters. The reduction in tax rates could be part of the upcoming budget announcement in July by Finance Minister Nirmala Sitharaman, the report said, citing two government officials. Potential tax relief The anticipated tax relief could benefit individuals …

Budget 2023: How Nirmala Sitharaman attempted to simplify tax experience
1 year, 11 months ago

Budget 2023: How Nirmala Sitharaman attempted to simplify tax experience

Live Mint  

The Hon’ble Finance Minister presented today the last full-fledged Budget 2023 under the Modi 2.0 Government. Further, with the proposals, it is apparent that the Government wants to simplify the tax experience to its taxpayers by proposing a common tax return form, bringing reforms to litigation and also giving prominence to the new tax regime which does not require the …

Budget 2023: Why govt should consider tax relief despite limited fiscal room
1 year, 11 months ago

Budget 2023: Why govt should consider tax relief despite limited fiscal room

India Today  

An incremental tax relief in the upcoming Union Budget 2023 could help the central government provide consumption support to the Indian economy in FY24 and shield it from the worsening financial environment in the West. Recently, global economic experts, including International Monetary Fund Deputy Managing Director Gita Gopinath, noted that an inflation-driven price shock could disrupt the lives of people …

Centre mulls cutting tax rates in new income tax regime
2 years, 4 months ago

Centre mulls cutting tax rates in new income tax regime

Live Mint  

BENGALURU/NEW DELHI : The finance ministry is working to sweeten the two-year-old exemptions-free personal income tax regime by offering lower tax rates, a government official said, after the new system failed to click with taxpayers. “We have not seen much traction for the new personal income tax regime without exemptions so far. Similarly, the Centre is exploring ways to do …

Delhi’s east civic body commissioner proposes 2-3% property tax hike
3 years, 1 month ago

Delhi’s east civic body commissioner proposes 2-3% property tax hike

Hindustan Times  

While presenting budgetary proposals worth ₹4,735 crore for financial year 2022-23, the East Delhi Municipal Corporation commissioner Vikas Anand has proposed a 2-3% hike in property tax on residential properties, apart from a bouquet of tax hikes and a couple of new taxes thrown in — all for improving the financial health of the cash strapped civic body. In a …

PM Modi to Launch 'Transparent Taxation
4 years, 5 months ago

PM Modi to Launch 'Transparent Taxation

News 18  

Prime Minister Narendra Modi will on Thursday launch a new platform, "Transparent Taxation Honouring the Honest", which will carry forward the journey of direct tax reforms, an official statement said here. The Central Board of Direct Taxes has carried out several major tax reforms in direct taxes in the recent years, the statement pointed out. This includes bringing more transparency …

Govt's endeavour has been to further simplify Direct Tax laws: Sitharaman
4 years, 5 months ago

Govt's endeavour has been to further simplify Direct Tax laws: Sitharaman

India TV News  

The government's endeavour has been to further simplify the Direct Tax laws and has brought in a major reform by giving option to taxpayers to opt for a new simpler tax regime, Finance Minister Nirmala Sitharaman said on Friday. In line with the same, we brought in a major tax reform by ushering in a new simpler tax regime for …

Budget 2020: Personal Income Tax Rates Slashed
4 years, 11 months ago

Budget 2020: Personal Income Tax Rates Slashed

Live Law  

Finance Minister Nirmala Sitharaman has slashed the personal income tax rates but provided to forgo exemptions, as she announced the Union Budget for the Financial Year 2020-2021 today, in the Lok Sabha. It is noteworthy however that the new tax regime is optional for the taxpayers and an individual who is currently availing more deductions & exemption under the IT …

Budget 2020: Income tax slabs lowered for those who forgo exemptions
4 years, 11 months ago

Budget 2020: Income tax slabs lowered for those who forgo exemptions

The Hindu  

In a proposal to simplify the personal income tax regime, Finance Minister Nirmala Sitharaman, in the Union Budget 2020 speech, said the income tax rates would be “significantly reduced” for those who forgo reliefs and exemptions and the new rates would be optional. Accordingly, a person earning Rs 15 lakh per anum and not availing any deductions will pay ₹1.95 …

Budget 2020: Income tax rate cuts high on the wish list
4 years, 11 months ago

Budget 2020: Income tax rate cuts high on the wish list

Live Mint  

With Budget 2020 announcements around the corner, the euphoria on Budget expectations are very high. This has put India on the trajectory of significantly high personal income tax rates globally and has come at a time when countries such as the US have reduced personal tax rates. The cuts in individual tax rates will enhance the disposable income and in …

Budget 2020: Why taxpayers may benefit from slowdown
4 years, 11 months ago

Budget 2020: Why taxpayers may benefit from slowdown

India Today  

The government may slightly tweak personal income tax slabs or offer a lower flat tax rate in the upcoming budget as it looks to revive the slowing economy. A finance ministry source, who spoke to India Today on condition of anonymity, said the government is "actively considering" the prospect of tweaking income tax slabs and help increase the disposable income …

Union Budget 2020: Key expectations from Modi govt after year of turbulence
5 years ago

Union Budget 2020: Key expectations from Modi govt after year of turbulence

India Today  

Finance Minister Nirmala Sitharaman will present the Union Budget 2020 on February 1, at a time when India's economy is going through one of the worst periods of slowdown in decades. That said, here are some expectations from the upcoming budget: Personal income tax cut A cut in personal income tax rates is one of the most popular demands floated …

Ahead of Budget 2020, Narendra Modi, Amit Shah meet economists, experts at NITI Aayog; discuss steps to revive growth
5 years ago

Ahead of Budget 2020, Narendra Modi, Amit Shah meet economists, experts at NITI Aayog; discuss steps to revive growth

Firstpost  

The meeting assumes importance as the government is in the process of formulating Budget proposals for 2020-21 New Delhi: Prime Minister Narendra Modi is meeting economists and experts at the NITI Aayog to discuss the state of economy and steps to be taken to revive growth which is estimated to drop to 5 percent during the current fiscal. pic.twitter.com/ES5BLAZkl7 — …

Narendra Modi meets Mukesh Ambani, Ratan Tata, other business heads to discuss economy ahead of Union Budget
5 years ago

Narendra Modi meets Mukesh Ambani, Ratan Tata, other business heads to discuss economy ahead of Union Budget

Firstpost  

New Delhi: Ahead of the annual Union Budget presentation, Prime Minister Narendra Modi on Monday interacted with top business tycoons to discuss issues facing the economy and measures needed to boost growth and create jobs. Richest Indian Mukesh Ambani, Tata group patriarch Ratan Tata, telecom czar Sunil Bharti Mittal, billionaire Gautam Adani, Mahindra Group chairman Anand Mahindra, and mining baron …

Direct tax collection up 5 per cent till November: Sitharaman
5 years, 1 month ago

Direct tax collection up 5 per cent till November: Sitharaman

India TV News  

Rejecting fears of the corporate tax reduction impacting revenue collection, Union Finance Minister Nirmala Sitharaman on Monday told Parliament that the gross direct tax collection had increased by 5 per cent till November.​ Sitharaman was responding to the query of Nationalist Congress Party member Supriya Sule, during discussion in the Lok Sabha on the Taxation Law Amendment Bill, 2019, as …

In a first, govt seeks suggestions on income tax rates, other duties
5 years, 2 months ago

In a first, govt seeks suggestions on income tax rates, other duties

Live Mint  

In perhaps the first instance, the finance ministry has kicked off the exercise to formulate the next budget by seeking suggestions on changes in direct and indirect taxes from industry and trade associations. While the ministry holds pre-budget consultations with representatives of different sectors and stakeholders, the Department of Revenue in the finance ministry perhaps for the first time put …

Budget 2020: Finance Ministry seeks suggestions for rationalising income tax, other duties
5 years, 2 months ago

Budget 2020: Finance Ministry seeks suggestions for rationalising income tax, other duties

India TV News  

In perhaps the first instance, the finance ministry has kicked off the exercise to formulate the next budget by seeking suggestions on changes in direct and indirect taxes from industry and trade associations. While the ministry holds pre-budget consultations with representatives of different sectors and stakeholders, the Department of Revenue in the finance ministry perhaps for the first time put …

Govt unlikely to go for personal income tax cut amid fiscal stress, lower tax realisation
5 years, 2 months ago

Govt unlikely to go for personal income tax cut amid fiscal stress, lower tax realisation

Firstpost  

New Delhi: The government is unlikely to moderate personal income tax rates for the rich due to fiscal stress on account of lower tax realisation amid a slowdown in the economy, sources said. The pressure is mounting on the government to cut personal income tax rates to boost demand, especially after the finance ministry reduced the corporate tax rate by …

Government considering demands to reduce personal income tax rates, says NITI Aayog
5 years, 3 months ago

Government considering demands to reduce personal income tax rates, says NITI Aayog

India TV News  

The government is considering demands from the industry for a cut in personal income tax rates, NITI Aayog Vice-Chairman Rajiv Kumar has said. According to a report with NDTV, Rajiv Kumar said, "I have heard that there are demands of personal income tax rate cuts and I am fully confident that the government is holding consultations and discussions on this …

Companies opting for new lower corporate tax rate can't claim MAT credit, other deductions: CBDT
5 years, 3 months ago

Companies opting for new lower corporate tax rate can't claim MAT credit, other deductions: CBDT

Firstpost  

The Central Board of Direct Taxes, in a clarification, said companies will be allowed to utilise such credits only against regular taxes under the old regime New Delhi: The finance ministry on Wednesday said companies opting for the lower corporate tax rate of 22 percent will not be allowed to reduce their tax liability by claiming deductions towards additional depreciation …

Good news: This Diwali, govt may gift you a cut in personal income tax rate
5 years, 3 months ago

Good news: This Diwali, govt may gift you a cut in personal income tax rate

India TV News  

The government has a Diwali gift for us all. A cut in personal income tax rate is what appears to be on the cards, according to a Hindustan Times report. It is said that the government is considering rationalising personal income tax rates. The government slashed the income tax rate for companies by almost 10 percentage points to 25.17 per …

Govt plans rejig in personal tax slabs to boost spending
5 years, 3 months ago

Govt plans rejig in personal tax slabs to boost spending

Hindustan Times  

The government is considering rationalising personal income tax rates in a move that will result in the increase of disposable incomes, especially among the middle class, and hopefully drive consumption and, therefore, growth, two government officials said on condition of anonymity. Government officials have been working on simplifying archaic income-tax laws and rationalising tax rates in line with recommendations of …

To promote growth, just cut tax rates: Here is the likely impact of tax rates for corporates being slashed by the Modi govt
5 years, 3 months ago

To promote growth, just cut tax rates: Here is the likely impact of tax rates for corporates being slashed by the Modi govt

Op India  

Concerns on taxation front have persisted for a major part of the last two decades. In a joint article with Dr Surjit Bhalla for the Indian Express, we arrived at a figure of 22 per cent as the optimal level of the corporate tax rate. Recently, the Hon’ble minister lowered the tax rate to 22 per cent without the exemptions …

Corporate tax rates slashed as govt announces ₹1.45 lakh crore stimulus
5 years, 3 months ago

Corporate tax rates slashed as govt announces ₹1.45 lakh crore stimulus

Live Mint  

Finance Minister Nirmala Sitharaman today announced a big reduction in income tax rate for corporates. The government has slashed basic corporate tax rate to 22% from 30% while for new manufacturing companies it has been cut down to 15% from 25%. Revenue foregone for the reduction in corporate tax rate and other relief measures announced today will cost the government …

Will a new direct tax law push up compliance?
5 years, 5 months ago

Will a new direct tax law push up compliance?

Live Mint  

India is rewriting its direct tax law to make it simpler, more sophisticated and less prone to disputes. Personal and corporate income, including capital gains, is taxed in India as per the principles laid out in the Income Tax Act, 1961, largely based on a 1922 law by the same name. Given businesses take into account regulatory risks and predictability …

How Modi government’s budgets have reduced your income tax burden
5 years, 6 months ago

How Modi government’s budgets have reduced your income tax burden

Live Mint  

During the first term of the Narendra Modi government, the then finance minister Arun Jaitley announced a slew of income tax changes for the salaried class in the Union Budget from 2014 to 2018. 2014: Right after the NDA dispensation won an overwhelming mandate in the Lok Sabha elections, Arun Jaitley presented his first Union Budget where he raised personal …

Budget 2019: 4 Major Income Tax Changes Common Man Can Expect From Modi Govt 2.0
5 years, 6 months ago

Budget 2019: 4 Major Income Tax Changes Common Man Can Expect From Modi Govt 2.0

ABP News  

Budget 2019: As Finance Minister Nirmala Sitharaman is all set to present her maiden Union Budget for financial year 2019-2020 on July 5, expectations are high - not just from business industries but also among common citizens of the country. Despite the Modi 1.0 government announced some major relief in tax slabs in the Interim Budget presented by the then …

Budget 2019: Job creation, lowering income tax top priorities among Indians
5 years, 6 months ago

Budget 2019: Job creation, lowering income tax top priorities among Indians

India Today  

Most Indians have asked the government to focus on creating more jobs and further reduce income tax rates in the Union Budget 2019, which will be announced by new finance minister Nirmala Sitharaman. Meanwhile, salaried taxpayers have demanded rationalisation of income tax rates to boost demand, which is another key measure to boost economic growth. However, the government could tweak …

Budget 2019: Cut in corporate tax, higher income tax threshold, PHD Chamber asks
5 years, 11 months ago

Budget 2019: Cut in corporate tax, higher income tax threshold, PHD Chamber asks

Live Mint  

New Delhi: PHD Chamber Wednesday pitched for cutting corporate tax to 25 per cent, and raising income tax exemption limit for individuals to ₹3.5 lakh per annum in the forthcoming Budget. In a statement, PHD Chamber of Commerce and Industry President Rajeev Talwar said it looks forward to a "dynamic, inclusive and pragmatic budget" on February 1. Budget 2019: Read …

Expect rationalisation in income tax rates
5 years, 11 months ago

Expect rationalisation in income tax rates

Live Mint  

Currently, there is a steep jump from 5% to 20% for income between ₹5 lakh to ₹10 lakh. A decision may also be taken to lower the highest personal income tax rate from existing 30% to 25%. No major change is expected in income tax before the release of Direct Tax Code Report on February 28. Considering the government’s focus …

Govt says no scope for corporate tax cut in near future
6 years, 1 month ago

Govt says no scope for corporate tax cut in near future

Live Mint  

New Delhi: The government is unlikely to cut corporate income tax rate for large companies to 25% as promised in its FY16 budget because of revenue constraints, a senior tax official said. Tax rates can’t be cut further without a supporting mechanism to prevent evasion, said Akhilesh Ranjan, member at Central Board of Direct Taxes. The new code, Ranjan said, …

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