New Delhi: The central government is considering every step to deal with the economic slowdown in the country. This is the hallmark of drastic cuts in corporate tax. The government can now take another major step to provide relief to the common people. The government can give relief to people in the case of income tax. The government can take this step in the budget for this calendar year or on February 1 next year.
In this regard, Minister of State for Finance Anurag Thakur has indicated. The Minister of State for Finance said that the government will take a decision on exemption of income tax when the time comes. The government had last week announced the reduction of corporate tax from 30 per cent to 22 per cent, which is considered to be the biggest step towards economic reform after 1991. The move has been praised by all economists, including industrialists. It is being said that after this the government can amend the Direct Tax Law.
Under this, taxpayers can get big relief in income tax matters. After this, there has been a demand to increase the income tax exemption limit to increase the demand and consumption to give a boost to the economy. In this regard, Thakur said that the government had earlier raised the income tax exemption limit from 2.5 lakh to 5 lakh. He said that in future also when the appropriate time comes, the government will look into this issue. Let me tell you that for a long time there has been a demand of common people, especially the job profession, to reduce the income tax.
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