TIL Desk/Business/Hyderabad/ Union Finance Minister Nirmala Sitharaman has said that there is no timeline for phasing out exemptions on personal income tax for those who opted to remain in the old regime.
She told a news conference here that her ministry wants to move step by step to achieve the eventual goal of a simplified, exemption-free and reduced rate of tax incidence. “We have not made up our mind,” she said when asked what would be the time frame to phase out exemptions.
“At the moment we have only started second alternative with some exemptions removed or some exemptions included, although the original intention was to remove all exemptions and give a clear simplified reduced rate of income,” she said.
The minister said the gradient of increase of income tax for different income slabs is gentle and there is no sharp increase.
