News shortcuts: From the Courts | Top Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | Professional Updates | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax | PPE Safety Kit SITRA Approved | PPE Safety Kit
General »
 Can buying shares in a rights issue leave you in a tax mess?
 Income tax scrutiny down in AY18; Delhi faced the highest, Bihar the least
 Delhi govt warns strict action against companies defaulting on tax payments
 Tax burden on salaried individuals, professionals to increase Delhi
 IT department randomly picks up cases to remove bias from tax scrutiny
 TDS on cash withdrawal alert! New functionality from Income Tax Department for banks and post offices
 Income tax department notifies exemption for sovereign wealth funds
 How much gold can you keep at home as per income tax rules?
 New income tax slab: Rules changed, no exemption on meal vouchers & coupons
 Pharma shines in advance tax pay
 SDMC starts offline facility for depositing property tax

Are steps on personal income tax coming?
September, 24th 2019

The sharp cut in corporate tax rate has triggered demand and speculation about more measures particularly on the personal income tax side. The government has a report of the task force on direct tax to chart out any future measures on the personal income tax.

The report was submitted to finance minister Nirmala Sitharaman last month and indications are that the government would want a discussion on the report before accepting the recommendations. Against the backdrop of the slowdown, suggestions have also been made by some experts to put on hold the super rich surcharge for sometime to boost sentiment but it is unlikely that a decision on this will be taken anytime soon.

Sources said that the slowdown offers an opportunity to push through deep structural reforms such as aggressive strategic sales in state-owned firms, asset monetisation in PSUs, structural reforms in the farm sector. They pointed out that some measures on structural reforms could be expected in the weeks to come.

The government on its part would wait and watch how the deep cut in corporate tax rate cut plays out. The view is that it will help drive away the negative sentiment and help revive the investment cycle which in turn will help drive demand.

Home | About Us | Terms and Conditions | Contact Us | PPE Kit SITRA Approved | PPE Safety Kit
Copyright 2020 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting