Govt could reduce income tax rates in budget

AMID outcry over the growing tax burden on the middle class, the government might reduce income tax rates for individuals earning up to ₹15 lakh a year, according to a report by Reuters.

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Citing two unnamed sources, the international news agency said the move could benefit tens of millions of taxpayers, especially in the urban areas. The sources, who didn't want to be named, said the government has not decided on the size of any reduction.

A decision would be taken closer to the budget that will be presented in parliament on February 1.