India cuts income tax in a bid to boost consumption
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FILE PHOTO: Commuters sit in cars in front of the income tax building during a traffic jam in Kolkata April 2, 2015. REUTERS/Rupak De Chowdhuri/File Photo
NEW DELHI (Reuters) - India cut personal income tax rates for some individuals in a bid to boost consumption across Asia's third-largest economy, which is projected to grow at its slowest pace in four years.
Currently, under the new system introduced in 2020, annual income of up to 1.5 million rupees (about $17,300) attracts a tax rate of between 5% and 20%, while income of more than 1.5 million rupees is taxed at 30%.
Finance Minister Nirmala Sitharaman announced that annual income up to 1.2 million rupees, will no longer attract any tax.
(Reporting by Nikunj Ohri; Editing by Savio D'Souza)
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