New Income Tax Slabs: Government-Appointed Task Force Proposes Five Rates

The NDA government appointed a task force to look at the existing Income Tax Act and suggest changes as it now 58 years old. Though its details are yet to be made public, news agency IANS, citing sources, has reported that the task force has proposed many changes to the Income Tax Ac. The task force has not recommended raising of the income tax exemption limit from the current level of ₹2.5 lakh but has suggested five tax brackets of 5%, 10%, 20%, 30% and 35%, the report said.

(The above story first appeared on LatestLY on Aug 29, 2019 04:36 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).