New Delhi: If you do a job and pay income tax, you can get a big relief from the Modi government soon. In fact, to speed up the economy, the government is considering several proposals related to income tax before the upcoming budget. Under this, proposals such as keeping a flat tax rate without exemptions, creating new slabs for high income and reducing personal income tax on the lines of reduction in corporate tax are being considered.

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Giving information, a government official has stated that, 'All options are being considered. Before taking any step, it has to be seen how much it will benefit the economy and what will be the cost of this step. One option to reduce income tax is to give more money directly to the people through schemes like Pradhan Mantri Kisan Samman Nidhi or increase the expenditure on infrastructure. The official said that any change in the structure will only benefit 3 crore people who pay income tax.

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The committee formed to review the direct tax was directed to keep the 10% personal income tax rate for those with annual income up to Rs 10 lakh. It had directed a tax rate of 20 percent on annual income from Rs 10 lakh to Rs 20 lakh, 30 percent on annual income from Rs 20 lakh to Rs 2 crore and 35 percent on income above Rs 2 crore. It did not recommend any change in the current income tax exemption limit.

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