Union Budget: Govt mulls income tax cuts, new slab to boost consumption

Quick Summary:

Individuals earning between 500,000 rupees ($5,987) and 1.5 million rupees, currently taxed at rates from 5% to 20%, may benefit from this move.

The details are still being finalized, with a decision expected near the budget announcement in July, pending approval from the PMO.

Officials in the Ministry of Finance are discussing proposals to reduce taxes for high-spending consumers.

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Article Details

Author / Journalist: Bloomberg

Category: EconomyBusiness

Markets: India

Topics: New income tax slab Budget tax cuts Nirmala sitharaman Union Budget Union budget 2024-25 Modi govt Income tax cuts Business news

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-06-21 @ 16:32:39 (6 days ago)

News Timezone: GMT +5:00

News Source URL: timesofindia.indiatimes.com

Language: English

Article Length: 667 words

Reading Time: 4 minutes read

Sentences: 30 lines

Sentence Length: 23 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Times of India

News ID: 21328201

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