Try GOLD - Free
Govt weighs income tax cuts to give relief to the middle class
Mint New Delhi
|December 27, 2024
Income tax may be cut on salaries up to ₹15 lakh.
India is considering cutting income tax for individuals making up to ₹15 lakh ($17,590) a year in February's budget to provide relief to the middle class and boost consumption as the economy slows, two government officials said.
The move could benefit tens of millions of taxpayers, especially city dwellers burdened by high living costs, if they opt for a 2020 tax system that strips exemptions like housing rentals.
Under that system, annual income of ₹3 lakh to ₹15 lakh is taxed at between 5% and 20%. Higher income draws 30%.
This story is from the December 27, 2024 edition of Mint New Delhi.
Subscribe to Magzter GOLD to access thousands of curated premium stories, and 10,000+ magazines and newspapers.
Already a subscriber? Sign In
MORE STORIES FROM Mint New Delhi
Mint New Delhi
How high credit card utilization affects your score: a quick guide
I had a ₹1 lakh credit card bill but repaid ₹40,000; ₹60.000 is due. Will it hurt my credit score? Can I take a personal loan to clear it? Will it affect my score and future loan applications? - Name withheld on request
1 mins
November 20, 2025
Mint New Delhi
Incentives drive each and every participant in all capital markets
Investors must note that everyone is motivated by self-interest whether we know the specifics or not
4 mins
November 20, 2025
Mint New Delhi
India's financial boom: Let's keep progress real
Record funds raised for shareholder exits rather than fresh investment go against the spirit of IPOs. The bigger issue is that the financial world must stay in sync with the real economy
2 mins
November 20, 2025
Mint New Delhi
Meta's big court win
Social media major Meta has won big relief as a US judge ruled in its favour in an antitrust case filed by the US Federal Trade Commission (FTC) that could have forced it to spin off Instagram and WhatsApp.
1 min
November 20, 2025
Mint New Delhi
xAI in talks to raise $15 billion in fresh equity
Elon Musk's artificial-intelligence startup xAI is in advanced talks to raise $15 billion in fresh equity at a valuation of $230 billion, The Wall Street Journal reported on Tuesday.
1 min
November 20, 2025
Mint New Delhi
AYURVEDIC HOSPITAL CARE: WHY INSURERS PUSH BACK—AND HOW TO WIN CLAIMS
Over the past few years, a friend has undergone Ayurvedic treatment for fluctuating blood pressure at a Kerala hospital. The insurer had routinely covered a week of hospitalization, but this time rejected the claim, arguing the annual treatment appeared more like rest than medical necessity. Ayurvedic claims are becoming harder to get approved.
3 mins
November 20, 2025
Mint New Delhi
Fabindia-Biome row now in arbitration
The founders of personal care company Biome Life Sciences India Pvt. Ltd on Wednesday told the Delhi high court that they were withdrawing their petition against parent Fabindia Ltd over share valuations.
2 mins
November 20, 2025
Mint New Delhi
A fresh perspective on abstraction in art
A new exhibition in Mumbai showcases different approaches to abstraction by artists like Zarina, Seher Shah and Mehlli Gobhai
3 mins
November 20, 2025
Mint New Delhi
In a new avatar, Zomato steps into India's top 25 brands
Its brand value jumped 69% year-on-year, Kantar’s BrandZ report for 2025 shows
1 mins
November 20, 2025
Mint New Delhi
Bank-funded acquisitions won’t displace private credit
The Reserve Bank of India's (RBI) draft framework for bank-led acquisition finance marks a decisive policy turn: Indian banks can now enter the acquisition finance market within a clear perimeter, reshaping the competitive dynamics between banks and private credit funds.
3 mins
November 20, 2025
Listen
Translate
Change font size