Will Take Call On Income Tax Relief At Appropriate Time, Says Anurag Thakur
Anurag Thakur, Minister of State for Finance in the Government of India. (Photo: PIB)

Will Take Call On Income Tax Relief At Appropriate Time, Says Anurag Thakur

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The government will take a decision on raising the income tax exemption limit at an appropriate time, Minister of State for Finance Anurag Singh Thakur said on Thursday.

Last Friday, the government cut the corporate tax rate for all domestic companies to 22 percent from 30 percent, excluding all exemptions and incentives, amid a clamour for raising the income tax slabs to push demand and consumption in a slowing Indian economy.

"When the time arises to take a call on it (income tax relief), the government will do so. The government in the past has also increased (the limit) from Rs 2.5 lakh to Rs 5 lakh. In future, whenever the time arises, we will look into the matter," Thakur said in New Delhi.

On restrictions put by the Reserve Bank of India on Punjab & Maharashtra Cooperative Bank, or PMC Bank, the junior finance minister said RBI has its own role in the country and it does its job well. "After considering all aspects they (Reserve Bank of India) will take a decision so that it benefits both customers and the bank," it said.

The central bank has capped withdrawals by customers of PMC Bank for six months and placed the lender under certain restrictions, invoking powers under India’s Banking Regulation Act, 1949. The banking regulator also imposed restrictions on further lending by the Mumbai-based lender.

With regard to Antigua Prime Minister Gaston Browne reiterating that Mehul Choksi may be extradited to India after he exhausts all legal options available with him, Thakur said it is because of the efforts of the Narendra Modi government.

Also read: Efforts On To Bring Black Money Back To India: Anurag Thakur

The government through many legislations including Insolvency and Bankruptcy Code has ensured that nobody flees the country with the public money, he said.

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