Modi government will reduce tax rate and give Diwali gift to taxpayers

New delhi date. 2. Wednesday October 2019

The Modi government, which provides relief to companies by reducing corporate tax, is now going to give a big Diwali gift to taxpayers.

According to a report published by an English newspaper, the government is pushing for taxpayers to reduce income tax rates. Accordingly, the government is planning to impose 10 percent tax instead of 20 percent on income of five lakh to 10 lakh and 25 percent tax instead of 30 percent on earnings of 10 lakh to 20 lakh.

It is estimated that if the government imposes new tax rates, those with incomes of five lakh to one million can benefit from Rs 45,000.

In addition, the government is considering removing cess and surcharge. In making this decision, the government will keep in mind the recommendations of the Direct Tax Code. The report panel submitted the report to the government on August 19. Which has been proposed to reduce the tax.