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Direct Tax Code Panel Asked to Revise Existing IT Slabs
March 01, 2019
The direct tax code (DTC) panel has been directed by the finance ministry to revise the existing income tax (IT) slabs, the 20% slab in particular. It’s been given 3 months to provide the appropriate suggestions.
A senior government official said that the existing tax rates are ambiguous in nature, especially the lower slabs. Thus, the government aims to reconcile the rates after reviewing the suggestions made by the DTC panel and other experts.
Sources said that the DTC will focus on creating a plan that can bring more clarity to the income tax system for the interest of the people, and expand the tax base.
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