Economics
India Seeks to Cut Company, Personal Income Tax Rates
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India’s finance ministry introduced a bill in Parliament to cut taxes for companies and individuals, seeking to encourage compliance and boost economic growth.
Finance Minister Pranab Mukherjee presented the direct tax bill that aims to reduce corporate tax to 30 percent for companies such Reliance Industries Ltd. and others from about 33.6 percent and exempt personal incomes up to 200,000 rupees ($4,265) from an earlier limit of 160,000 rupees.