Now, the possibility of reduction of personal income tax also comes after corporate tax

Indian_Revenue_Service

The Finance Ministry recently reduced the corporate tax to further boost the recessionary economy. According to a report, the government is now likely to reduce the personal income tax.

On condition of anonymity, a government official said that the government was planning to give each taxpayer a five percentage point benefit. According to the report, the government is likely to reduce the income tax from 5 lakh to one million headmen by reducing the income tax by 5 percent to 5 percent.

It is also likely that the government will reduce the income tax from 30% to 25% on income above Rs 10 lakh. Other options include government cess, removal of surcharges. It is worth mentioning that just a few days ago, the Finance Ministry’s State Level Prime Minister Anurag Singh Thakur said that the government would take the decision at the appropriate time to provide income tax relief.

Thakur said in a statement that the government would take a decision on the time when the right time to reduce income tax would come. In the past, the government has also provided relief to the people by limiting 1.5 lakh to five lakh. Whenever it is necessary we will take a decision on this.