Govt Mulls Personal Income Tax Cut To Lift Consumption
Hindustan Times Bengaluru|December 27, 2024
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 sources told Reuters.
Reuters

NEW DELHI:

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% to 20%. Higher income draws 30%.

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Bu hikaye Hindustan Times Bengaluru dergisinin December 27, 2024 sayısından alınmıştır.

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