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Govt may revise income tax slab base from Rs 2.5 lakh to Rs 4 lakh
According to a report by India Today news channel, Modi government facing criticism over demonetization, so Govt planning to revise the income tax slab base from Rs 2.5 lakh to Rs 4 lakh.
As per the report, Income of Rs 4 lakh to 10 lakh may be taxed at 10% , Rs 10-15 lakh will be taxed at 15%, Rs 15-20 Lakh to be taxed at 20% and nd a slab where income above Rs 20 lakh will attract a tax of 30%.
If implemented, the new tax proposals will give a huge relief to taxpayers reeling under the impact of high inflation and high tax rates. However, government spokesperson Frank Noronha rejected the report about new income tax slabs.