Lawstreet Journal

Finance Minister Nirmala Sitharaman Says No Timeline Set For Removing IT Exemptions Yet

Lawstreet Journal 18 Feb 2020 11:32pm

Image courtesy: Lawstreet Journal Executive Finance Minister Nirmala Sitharaman Says No Timeline Set For Removing IT Exemptions Yet

Nirmala Sitharaman the Finance Minister as reported on 16 February, 2020 said that the idea behind introducing 2nd alternative tax slabs is to keep the economy simplified, exemption free and introduce in the country a reduced rate of tax regime. However no particular time frame has been set to remove all exemptions, she said to reporters afer an interactive session with trade representatives and intellectuals on Union Budget.

“At the moment we only started a second alternative with some exemptions removed or some exemptions included, although the original intention was to remove all exemptions and give a clear simplified reduced rate of income tax,” said the Finance Minister.

“We have not made up our minds as yet (on the removal of all exemptions)... We are trying step by step, move forward and no particular timeline given,” she said when asked on the time frame.

Citing the February 1 press conference, post budget she said that the government will remove all I-T exemptions in the long run.

On February 16, 2020 she said that based on a simulation and assumption, 69 per cent of taxpayers would have benefitted and probably 11 per cent would have been "attracted" had the new tax regime been introduced last year.

When asked about the supreme court orders telecos payment on dues and concerns raised by some bankers, she said that it is not appropriate for her to comment on that since there is a Ministry looking into it already. "The concerned Ministry is looking into it. So, it may not… Continue Reading...

Tagged: Nirmala Sitharaman  
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