Published On: Thu, Aug 29th, 2019

Gift to Tax Payers,  Modi government will change tax slab !

New Delhi :  If all goes well, in the coming days the Modi government can make changes in the income tax slab. If this happens, the middle class of the country will get a big relief, which pays a large part of the tax. Let us know what changes the government can make in the tax slab.

Gift to Tax Payers,  Modi government will change tax slab ! India 24x7 news

Gift to Tax Payers,  Modi government will change tax slab ! India 24×7 news

According to news agency IANS, the committee constituted by the government, headed by Central Board of Direct Taxes (CBDT) member Akhilesh Rajan, has recommended new tax slabs for the people. In the event of the implementation of this recommendation, the tax earner will have to pay 10 per cent of the tax of 5 lakh to 10 lakh rupees annually.

Currently, 20% tax has to be paid on earning of Rs 5 lakh to Rs 10 lakh. In this context, those earning up to 10 lakh can get a big relief.

In the recommendation of the committee, 20 percent tax is proposed on annual earnings ranging from Rs 10 lakh to Rs 20 lakh. Similarly, the committee has recommended tax at the rate of 30 per cent on income from Rs 20 lakh to Rs 2 crore.

While it has been proposed to impose 35 per cent tax on those earning more than Rs 2 crore annually. However, it is recommended not to impose surcharge on it.

Explain that at present, 5% tax is levied on the earning of Rs 2.5 lakh to Rs 5 lakh. Similarly, 20% on income of Rs. 5 lakh to Rs. 10 lakh and 30 percent income tax on income above Rs. 10 lakh.

For the convenience of filing tax returns to common taxpayers, they will be given the facility of providing pre-filled return forms. These forms can be obtained from various institutions and establishments including EPFO. Taxpayers will come under the tax liability only on income above five lakh rupees per annum.
A TDS of 2 per cent has been proposed for withdrawal of more than one crore cash from a bank account. If any person withdraws more than one crore amount in a year from the bank, then TDS of 2 percent will be imposed on it. That is, on withdrawing more than Rs 1 crore annually, Rs 2 lakh will be deducted in tax.
Companies with a turnover of Rs 400 crore in the country will now have to pay corporate tax at the rate of 25 percent. Earlier, companies with turnover up to Rs 250 crore were taxed at a lower rate. With the increase in business limit of companies, now 99.3 percent companies have come under the reduced rate.

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