The government will consider raising the income tax exemption limit and reducing income tax rates in the upcoming budget said Minister of State for Finance Arjun Ram Meghwal at an public event in Delhi today. Addressing members of Laghu Udyog Bharti the minister said "There are two issues with income tax-- exemption limit, and another is slab. Both of them will be looked into. The income tax rate will be lowered and exemption tax slab will be increased".
In an interview after the event BloombergQuint queried him for details but he refused saying he cannot disclose anything about the budget.
Currently, income upto Rs. 2,50,000 is exempt from tax. Income up to Rs 5 lakh is taxed at 10 percent, income between Rs 5 lakh to Rs 10 lakh is taxed at 20 percent, and income over Rs 10 lakh is taxed at 30 percent.
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