Hyderabad: Finance Minister Nirmala Sitharaman said that at present there is no government planning to abolish income tax related exemptions and concessions. Regarding the new tax system, he said that the aim is to promote simple, exempt and low rates of tax.
Sitharaman said that the government has taken a step forward in this direction. The new system includes some exemptions and eliminates some exemptions. Our effort is to gradually eliminate all exemptions and taxpayers have to pay tax at a lower rate.
A new tax system was introduced in this budget, under which the tax rate has been reduced, but no exemption can be availed. In the old tax system, the tax rate is high, but the exemption can be taken advantage of.
Regarding AGR dues on telecom companies, he said that the court has given a decision in this matter at the moment, so it would not be right to comment. He also said that there is a separate ministry regarding this matter and he is seriously looking into the matter.
