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Govt virtually rules out any cut in income tax rates: reports

Oct 31, 2019 10:00 IST

The government is unlikely to accept the recommendations of the Direct Tax Code panel for a cut in personal income tax rates this year. News reports indicate the government has pointed to the lack of fiscal space and examples of higher rates in several countries such as China, the US and the UK, as the reason. The government’s decision to slash corporation tax rate to 15% for new companies in September had set off speculation about a reduction in personal income tax.

National