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New Delhi Jan 10 ( Finance Ministry is planning to increase tax slabs for personal income tax exemption. The middle class has a great comfort in this budget. The background to this is the last common budget for the current NDA government. There are proposals to increase the minimum tax rate of Rs.3.5 lakh in the 2018-19 Budget to Rs.2.5 lakhs. The sources said the department is working to improve tax slabs for the sake of relaxing the lower classes. In particular, it is likely that these measures will be taken for wage earners that are affected by retail inflation. Even though Finance Minister Arun Jaitley did not make changes in tax slabs in the last budget, he was relieved of low tax payers. For those who have annuities between Rs.5.5-5 lakh, the tax rate has been reduced from 10 per cent to 5 per cent. For 10-20 lakh income categories: 10 per cent of the Rs 5-10 lakh income group in the next budget to announce next month. 20% for 10-20 lakh revenue categories; Tax rate is expected to be 30% for those above Rs 20 lakh.

At present there is no slab for Rs.10-20 lakh in income categories. "In addition to rising cost of living due to inflation, basic tax exemption limit is required to raise other income selves. In other countries, it is noteworthy that higher income tax rates are high, "the CII industry body CII said in its advance budget memorandum. Even though the industry wants to lower the maximum tax rate to 25 percent, analysts say. This is because of the tremendous pressure on fiscal deficit. Indirect tax collection after the GST was implemented on July 1. It is difficult to limit the fiscal deficit to 3.2 per cent of GDP in 2017-18. The government has increased the debt target to Rs 50,000 crore in the current financial year to fill the deficit.

Ficker said that the cancellation of large banknotes may continue for a few more months .. So there is a need to increase demand. In this context, the government should look at the revision of income tax slabs. The higher tax rate would be to increase the level of income. 'This will improve purchasing power. Additional demand comes. 30 per cent tax rate should be applied only if it is above Rs 20 lakh. In addition, the business activity, for the expansion of the availability of the availability of loans, has been asked to reduce interest rates. 'Standard deducation should be reintroduced to wage workers. Give up to Rs.
 They are likely to increase their purchasing power. An official exemption on taxable income has been revised since the year 2006-07. Analysts believe that the current fiscal deficit would be difficult to attain the fiscal deficit target in the current financial year. In the 2017-18 Budget, the fiscal deficit would be limited to 3.2 per cent of GDP or Rs 5,465 lakh crore. It is based on the expectations that the normal GDP growth would be 11.8 per cent. The first forecasts of the recent Central Calcutta office reveal that the general GDP would be limited to 9.5 percent. On the other hand, the fiscal deficit increases with a decrease in tax collection and lower GDP estimates.

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