No Proposal to Amend Income Tax Rates – Lok Sabha Q&A

No Proposal to Amend Income Tax Rates – Lok Sabha Q&A

Govt says No Proposal to Revise Income Tax Rates this year

GOVERNMENT OF INDIA 

MINISTRY OF FINANCE 

DEPARTMENT OF REVENUE

LOK SABHA

UNSTARRED QUESTION No. 1355 

TO BE ANSWERED ON FRIDAY, THE 22ND DECEMBER, 2017 

01, PAUSHA, 1939 (SAKA)

AMEND INCOME TAX RATES 

1355. SHRI DEVENDRA SINGH BHOLE:

Will the Minister of FINANCE be pleased to state:

(a) whether the Government proposes to amend the present rates of income tax so that more people may pay income tax;

(b) if so, the details thereof and the benefits likely to accrue to common man and the Government by this step; and

(c) if not, the reasons therefor?

ANSWER 

MINISTER OF STATE IN THE MINISTRY OF FINANCE 

(SHRI SHIV PRATAP SHUKLA)

(a) to (b) No Madam. Currently, there is no such proposal under consideration.

(c) The rates of income tax are prescribed through the Finance Act every year

Read More »

Income Tax Exemption Limit can be increased upto Rs 3 Lac

Income Tax Exemption Limit can be increased upto Rs 3 Lac

Finance minister Arun Jaitley may announce during the Budget

The Modi government may declare a raise in the Income Tax Exemption limit from the current 2.5 lacs to 3 lacs. 

Finance Minister Arun Jaitley may announce an increase in the Income Tax Exemption limit to 3 lacs in the 2015-16 budget meeting, which will be a great relief to the taxpayers, particularly for Central Government Employees.

Read More »