InvestorQ : Is it true that the government is likely to increase income taxes in the Union Budget in February 2020?
Khushi Patel made post

Is it true that the government is likely to increase income taxes in the Union Budget in February 2020?

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Anjana Aiyar answered.
2 years ago
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While the government is surely short on its revenue targets, it is unlikely that the government will even attempt to raise the tax rates for individuals. On the contrary, the government may look to cut rates at an entry level. One possibility is that the tax rebate that is being given for income up to Rs.5 lakhs may be converted into a full-fledged tax exemption. This will not only ensure that the liquidity is left with public but also gives a boost to consumption. That will be positive for the economy and the markets too.

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