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Modi Government can cut income tax to deal with recession!

Tuesday - October 1, 2019 4:17 pm , Category : WTN SPECIAL
Decide may be taken to cut income tax
Decide may be taken to cut income tax

Big planning to bring back customers in the markets

OCT 01 (WTN) - The Indian economy has also not been effected by the global economic slowdown. The auto sector and the textile sector have been impacted badly by the slowdown. To give relief to companies from the continuing economic slowdown, the Modi Government has tried to give relief to the corporate sector by cutting corporate tax, it is said that its results will be seen in the coming time. But due to the economic downturn, companies as well as common tax payers are also suffering. To save the small traders and tax payers from the recession, it is being said that now the Modi Government is preparing to cut the income tax after reducing the corporate tax.

According to the information received from the media, meetings are going on in the CBDT Department under the Department of Revenue in the Finance Ministry, which decides the policies related to income tax. It is being said that in these meetings it is being discussed what kind of common tax payers should be given the benefit of income tax reduction. For your information, let us know that the basis of this meeting has been made the recommendation of the Task Force.

In fact, the Task Force had given its recommendation last month regarding the change in direct tax, and based on that recommendation, a change is being reviewed in which way the income tax is changed. It is being said that if the decision of income tax deduction is taken, then small and medium taxpayers can be given relief.

Economists believe that the government is doing this exercise so that by cutting income tax, small and medium taxpayers will get relief, leaving them with more money than before. When more money is left than before, then small and medium taxpayers will buy from this money, which will bring the glory of the purchase in the market and money will come in the market.

It is being said that with this intention, the income tax can be cut based on the recommendation of the Task Force, which says that no income tax should be imposed on the annual income up to 5 lakh rupees. For your information, let us know that right now the annual income up to Rs 2.50 lakh is tax free.

On the other hand, if the recommendation of the Task Force is accepted, then the annual income up to Rs 5 lakh will be tax free, i.e. no income tax will be paid on the annual income up to Rs 5 lakh. At the same time, there is a provision of 10 per cent income tax from annual income of Rs 5 lakh to Rs 10 lakh. If this happens, it will save the small and medium tax payers’ more money than before, which they will use to invest or buy, which will support the recession hit economy.

At the same time, the task force recommends that 20 per cent should be levied on the annual income of Rs 10 lakh to Rs 20 lakh and 30 per cent tax should be imposed on the annual income of Rs 20 lakh to Rs 2 crore. An important point in the task force's recommendation is that an income tax at the rate of 35 per cent should be levied on annual income of more than Rs 2 crore, but the recommendation also states that all surcharges should be removed. 

It is now being reviewed on these recommendations of the Task Force whether it will be practical to cut income tax or not, as the government will take any decision to cut income tax only after looking at the condition of its treasury. That is, if the Modi Government feels that cutting the income tax will not burden the practical, it may be that the Modi Government can give the income tax deduction to the people of the country to bring a boost in the market.