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FM unlikely to disturb tax rate structure this Budget

FM unlikely to disturb tax rate structure this Budget

Those looking for income-tax relief in the forthcoming Budget to fight rising food prices are likely to be disappointed. According to a senior finance ministry official, “the Direct Taxes Code (DTC) has to be implemented next year and considering DTC is a composite plan, it will not be a good idea to implement it in bits and pieces”. Any change in the personal income-tax rates in the coming Budget, therefore, was highly unlikely, said the official. The complete structure is set to come into force in full and not step-by-step. This clearly indicates that though the next Budget Session is set to be stormy; on the income-tax front, Finance Minister Pranab Mukherjee is unlikely to disturb the tax rate structure in a major way in the Budget for 2011-2012 and maintain peace in this critical area.

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