India is considering cutting income tax for individuals making up to ₹15 lakh ($17,590) a year in February's budget to provide relief to the middle class and boost consumption as the economy slows, two government officials said.
The move could benefit tens of millions of taxpayers, especially city dwellers burdened by high living costs, if they opt for a 2020 tax system that strips exemptions like housing rentals.
Under that system, annual income of ₹3 lakh to ₹15 lakh is taxed at between 5% and 20%. Higher income draws 30%.
This story is from the December 27, 2024 edition of Mint New Delhi.
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This story is from the December 27, 2024 edition of Mint New Delhi.
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