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Commerce ministry denies reports of I-T rate change
New Delhi, Dec 20: The Ministry of Commerce today deniedreports that it had suggested changes in personal income tax ratesin its pre-budget proposals to the Ministry of Finance.
New Delhi, Dec 20: The Ministry of Commerce today denied
reports that it had suggested changes in personal income tax rates
in its pre-budget proposals to the Ministry of Finance.
``The reports are totally incorrect,`` the ministry said in a statement here.
It said although it has forwarded several proposals to the finance ministry as a pre-budget exercise, it has not sent any proposal regarding personal income tax.
The reports had said that the commerce ministry wanted raising the income level which attracts the maximum rate of personal tax of 30 per cent to Rs 25 lakh per annum.
At present, the maximum rate of 30 per cent tax is levied on individuals with an annual income of Rs 150,000.
Bureau Report
``The reports are totally incorrect,`` the ministry said in a statement here.
It said although it has forwarded several proposals to the finance ministry as a pre-budget exercise, it has not sent any proposal regarding personal income tax.
The reports had said that the commerce ministry wanted raising the income level which attracts the maximum rate of personal tax of 30 per cent to Rs 25 lakh per annum.
At present, the maximum rate of 30 per cent tax is levied on individuals with an annual income of Rs 150,000.
Bureau Report