Income Tax return joy? Budget 2019 may hike exemption slab from Rs 2.5 lakh to Rs 5 lakh
The new Direct Tax Code will try to bring more assessees into the tax net, make the system more equitable for different classes of taxpayers, make businesses more competitive by lowering the corporate tax rate and phase out the remaining tax exemptions that lead to litigation. It will also redefine key concepts such as income and scope of taxation
The plan is to streamline tax slabs, which in any case are in consonance with the coming Direct Tax Code, government sources revealed. Representational image, source: Reuters