Income tax slabs to be revised later: Finance Minister
New Delhi, Mar 20: Finance Minister P Chidambaram today (Mar 20, 2006) said there was no point in changing income tax rates and slabs every year, but held out hope of revising these later.
Replying to the debate on the Finance Bill 2006 in the Lok Sabha, Mr Chidambaram said income tax rates and slabs should not be revised year after year.
''These can be revised later,'' he said.
When several members asked for raising the income tax exemption limit especially for women and senior citizens, he said he had raised it last year on the recommendations of the Kelkar committee, and also taken care about the inflation rate.
In Budget 2005-06, Mr Chidambarama had raised the basic income tax exemption limit to Rs one lakh for general tax payers and Rs 135,000 for women and Rs 185,000 for senior citizens of the age of 65 years and above.