India May Raise Income Tax Threshold in Budget to Revive Economy
- New finance minister considering widening tax exemptions
- Proposed move may aid consumption as economic growth sputters
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India is considering increasing the personal income tax threshold in next month’s budget, according to people familiar with the matter, as authorities seek to kickstart consumption in the economy.
Finance Minister Nirmala Sitharaman may raise the tax exemption limit for working-age individuals to 300,000 rupees ($4,316) of their annual income, up from the current 250,000 rupees, the people said, asking not to be identified as they aren’t authorized to speak publicly about the proposals. The tax measures haven’t been finalized yet.