Income Tax Exemptions–First Set of Phase Out in Public Domain Soon
Finance Minister Arun Jaitley today said a discussion paper on first set of tax exemptions to be phased out would be put in the public domain shortly. "The government, as I told in the budget, will bring down the corporate tax level from 30 percent to 25 percent gradually," Jaitley said at an ICC session here.
He said that the effective rate of taxation is 22 percent plus because there are a large number of exemptions. So, the first set of exemptions phase-out would be put in the public domain for discussion, he said. He also said that the government is working on schemes like agri-insurance and health schemes for senior citizens. "These are in active stages of consideration," he said.