Glide path for direct tax

One of the headline initiatives in the Union Budget for 2020-21 was a proposed change to personal income tax applicable in particular to income below a threshold of Rs 15 lakh. Finance Minister Nirmala Sitharaman spelled out the changes in her Budget speech on Saturday. Essentially, tax rates would be reduced for income between Rs 5 lakh and Rs 15 lakh, as long as no exemptions were claimed. Ms Sitharaman pointed out that the number of exemptions and deductions in the personal income tax code had grown inordinately, and was over 100. She said that 70 of those would be withdrawn, but in order t.....

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