New Delhi (Business Desk) The PhD chamber has reduced the corporate tax on Wednesday to 25 per cent and the personal income tax exemption limit to Rs 3.5 lakh per annum. The PhD Chamber has made this demand in the upcoming interim budget.
The statement issued by Rajeev Talwar, President of PhD Chamber of Commerce and Industry said that he is seen presenting a dynamic, inclusive and practical budget on February 1, 2019. Talwar said, “In order to promote the investment environment, the economy needs to take more bold measures and demand growth to the next level.”
He said that the time has come to make the direct tax rates rational, beginning with the reduction of the corporate tax rate to 25 percent. “This will encourage economic growth and increase the direct tax net, and it will increase tax collection and compliance will be better,” said Talwar.
For information, let me tell you that in the previous budget, the government had reduced the rate of corporate tax to 25 percent for companies with annual turnover of less than Rs 250 crore. Talwar has suggested that the annual income up to Rs 3.5 lakh should be brought under the purview of tax exemption which is currently 2.5 lakh.
No comments:
Post a Comment