None
Skip to mainNirmala Sitharaman, the Union Finance Minister, chaired pre-Budget meetings with state Finance Ministers on Thursday. Some Chief Ministers and Deputy Chief Ministers, as well as senior officers from the states and the federal government, attended the meeting.
The rationalisation of income tax slabs was one of the suggestions put forward by the participating states. On personal income tax, some state Finance Ministers felt the personal income tax slabs saw sharp a jump from 5 per cent to 20 per cent and 30 per cent slabs. Multiple surcharges on some of the slabs jack up the personal income tax rate to over 40 per cent.
Income Tax Slab | Income Tax Slabs rates (below 60 Years) |
---|---|
Up to Rs 2.5 lakhs | NIL |
Rs. 2.5 lakh -Rs. 5Lakhs | 5% |
Rs 5 .00 lakh – Rs 10 lakhs | 20% |
> Rs 10.00 lakh | 30% |
The participants also referred that the Centre has already reduced corporate tax rates to increase compliance and attract more industry, they felt such an approach could be applied to income tax slabs as well.
The participants also gave numerous suggestions to the Union Finance Minister for inclusion in the Budget speech. Among the suggestions were increased research and development (R&D) spending, infrastructure status for digital services, investment in online safety measures and incentives to hydrogen storage and fuel cell development.
🕑 24 Apr, 2024 09:17 AM
DoPT forwards 8th Pay Commission demand by IRTSA forwarded to Fin Min
🕑 23 Apr, 2024 10:01 AM
CGDA: Revision of rates of Allowances with DA rates increased to 50%
🕑 22 Apr, 2024 12:59 PM
CBDT: on DoPT order on regularization of Casual Workers
🕑 21 Apr, 2024 09:54 PM
DoPT Consolidated Instructions on SC, ST, OBC, PwD & EWS reservation
🕑 18 Apr, 2024 11:51 AM
Timeline extended for CGHS Beneficiary ID - ABHA ID linking
🕑 18 Apr, 2024 10:22 AM
APAR timelines for Central Civil Services extended to 30th April
🕑 10 Apr, 2024 08:25 AM
DoPT Guidelines on Departmental Promotion Committees
🕑 10 Apr, 2024 08:35 AM
Kendriya Vidyalaya Sangathan Admission Guidelines 2024-2025
🕑 05 Apr, 2024 01:23 PM
Kendriya Vidyalaya Balvatika Admission Schedule - 2024-25
🕑 02 Apr, 2024 09:25 AM
Kendriya Vidyalaya Admissions Open for 2024-25: Key Dates & Appln Process
🕑 01 Apr, 2024 09:23 AM
Kendriya Vidyalaya (KV) schools where Balvatika is functioning
🕑 14 Mar, 2024 02:07 PM
Govt bans 18 vulgar 18 OTT. See the list here
🕑 08 Mar, 2024 01:49 PM
Pension Scheme Gains Traction Across States, Despite Central Hurdles
🕑 20 Feb, 2024 11:17 PM
CGHS rate for general surgery applicable from February 1, 2024
🕑 08 Feb, 2024 10:19 AM
No loan interst change as RBI maintains repo rate at 6.50% for the 6th time