Budget 2020

Govt intends to remove all income tax exemptions in long run: FM

Finance Minister Nirmala Sitharaman and MoS Finance Anurag Thakur with the Budget Papers on thier way to present the Union Finance Budget at the North Block in New Delhi on Saturday.

Finance Minister Nirmala Sitharaman and MoS Finance Anurag Thakur with the Budget Papers on thier way to present the Union Finance Budget at the North Block in New Delhi on Saturday.   | Photo Credit: R.V. Moorthy

Additional capital will be provided to public sector banks as and when required.

After slashing income tax rates for individuals on condition that they give up exemptions and deductions, Finance Minister Nirmala Sitharaman on Saturday said the government intends to remove all I-T exemptions in the long run.

Speaking at a press conference after presenting her second budget in the Lok Sabha, she said income tax cuts follow reduction in corporate tax rates in September last year.

The minister said additional capital will be provided to public sector banks as and when required.

Her budget speech did not provide for any specific number for additional capital.

 

The finance minister said improvement in revenue generation gives hopes of lowering fiscal deficit to 3.5% of GDP in the next fiscal from 3.8% in the current.

Disinvestment Secretary T.K. Pandey said big ticket stake sale will happen in the next few months and that he was confident of achieving the ₹2.10 lakh crore target set for the next financial year.

He said an expression of interest (EoI) for sale of government stake in Bharat Petroleum Corp Ltd (BPCL) will be issued shortly.

The Cabinet had approved sale of government stake in BPCL in November last year.

Govt intends to remove all income tax exemptions in long run: FM
 

Why you should pay for quality journalism - Click to know more

Related Topics
Recommended for you
This article is closed for comments.
Please Email the Editor

Printable version | Feb 23, 2020 1:23:18 PM | https://www.thehindu.com/business/budget/govt-intends-to-remove-all-income-tax-exemptions-in-long-run-fm/article30712384.ece

Next Story