New Delhi, Dec. 13 -- A restructuring of personal income tax rates could cheer the middle class, boost consumption and act as a fiscal stimulus, if ongoing discussions in the finance ministry lead to concrete proposals in the Union budget.
Finance minister Nirmala Sitharaman had said in response to a question at the Hindustan Times Leadership summit on Saturday, 7 December, that relief on personal income tax was among the several things the government was looking at, and that one should wait for the Union budget to be presented in February.
Since those with taxable income of up to '5 lakh are already receiving a full tax rebate, a revamp of the slab system is likely to leave more disposable income in the hands of those earning more than t...