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India will not see income tax rate cut relief for salaried class anytime soon

Income Tax - Started By: - Ritu Chauhan - Dated:- 9-3-2015 Last Replied Date:- 9-3-2015 - Within days of Finance Minister Arun Jaitley presenting his Budget 2015, Finance Ministry said personal income tax rates will not be changed in the near term even as peak corporate tax rate will be cut by 5 per cent over a four year period beginning 2016-17.Finance Minister Arun Jaitley had in his Budget for 2015-16 proposed last week to cut peak corporate tax rate from 30 to 25 per cent in four years begin .....

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dded.At present, the peak rate of 30 per cent applies on annual income of individuals above ₹ 10 lakhs; 20 per cent on income between ₹ 5 lakh and ₹ 10 lakh; and 10 per cent on income less than ₹ 5 lakh.On whether the government intends to keep these rates unchanged over the next 3-4 years, he said: Yes that is the intent. Asked why the government chose to announce cut in corporate tax rates, Das said: In order to attract investment our corporate tax rate should be compet .....

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beginning 2016-17, Das said, adding that the exact rates and other details will be announced in the next Budget.Rejecting criticism of the proposed move, Das said the benefit is being extended to companies and not to individuals promoters or shareholders.A company, he said, is a separate entity and is expected to either invest the money it will save from lower tax rate in expansion or modernisation programme, which will fuel economy and create jobs, or keep it in a bank deposit, which will again .....

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rporate tax rate, the government will take away the exemptions available to the industry.These exemptions, he said, account for maximum numbers of litigations. So this way the government is eliminating lots of scope which exist with regard to litigation. Rejecting criticism of the proposed move, Das said the benefit is being extended to companies and not to individuals promoters or shareholders.A company, he said, is a separate entity and is expected to either invest the money it will save from .....

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