INSUBCONTINENT EXCLUSIVE:
by CBDT member Akilesh Ranjan, is arguing for a new tax regime for individuals
It has proposed changes to the Income Tax Act, which dates back 58 years.People earning between Rs 5 lakh and Rs 10 lakh per year may have
to pay 10 per cent income tax, if the recommendations of this high-level tax force are accepted.IANS has learnt that radical changes in
personal income tax slabs have been proposed
These include lowering the personal income tax for those earning between Rs 10 to Rs 20 lakh per year to 20 per cent.Currently, personal
income is taxed at 5 per cent for income between Rs 2.5 and Rs 5 lakh, at 20 per cent for income between Rs 5 lakh and Rs 10 lakh, and 30
of 5 per cent, 10 per cent, 20 per cent, 30 per cent and 35 per cent, against the prevailing structure of 5 per cent, 20 per cent and 30 per
cent.Those earning an annual income up to Rs 5 lakh, however, will get a rebate on the taxes paid, as was announced in the interim budget of
2019 by interim Finance Minister Piyush Goyal
This effectively means that those with an income of up to Rs 5 lakh will be charged zero tax.The report was submitted to Finance Minister
Nirmala Sitharaman on August 19, but it has not been made public yet
According to sources, the panel has recommended that income tax for those earning above Rs 20 lakh and till Rs 2 crore, continue to remain
at the previous rate of 30 per cent.It has also proposed introducing a new top tax bracket of 35 per cent for the super-rich, that is those
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