Finance Ministry favours moderate income tax rates

The Finance Ministry appears to be favorably inclined toward moderating income tax rates in view of the over 40 per cent growth in direct tax collections. “With improvement in voluntary tax compliance and tax administration, direct tax collections are growing by around 45 per cent. For voluntary compliance, we cannot have marginal tax rate that is too high,” Mr Parthasarthy Shome, Advisor to Finance Minister P Chidambaram, said at a conference.Direct tax collections grew 44.86 per cent during Ap

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CCI News Desk

Finance news reporter covering taxation, GST, income tax, business compliance, and economy updates. I simplify complex financial topics into easy-to-understand articles for professionals, taxpayers, and business owners on leading finance and tax platforms.

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