New Delhi: Releasing the manifesto on Monday, Bharatiya Janata Party (BJP) pledged to revise income tax brackets to help the middle class if the party is re-elected in the upcoming general election.
On taxation front, the BJP said its government's economic policy has been guided by the principle of lowering the tax rate and improving compliance, thereby broadening of the tax base.
"We will continue with our policy in the similar manner - lowering of tax rate, thereby rewarding honest tax payers and improving compliance," it said.
Read more:ATF should be brought under GST: Prabhu
According to the manifesto, after providing major tax relief in the recent budget, the party is committed to further revise the tax slabs and tax benefits to ensure more cash and greater purchasing power in the hands of middle income families.
Lower tax rates, interest-free agriculture loans up to Rs 1 lakh and steps to make India a USD 5 trillion economy by 2025 are among the key promises of the ruling BJP as it unveiled the manifesto for the general elections starting April 11.
Releasing the manifesto, Prime Minister Narendra Modi said the party would work towards making India a developed nation by 2047, 100 years after Independence.
The current tax slab is as under:
- No tax for individuals with income less than ₹ 2,50,000
- 0%-5% tax with income ₹ 2.5 lakh to 5 lakh for different age groups
- 20% tax with income ₹ 5 lakh to 10 lakh
- 30% tax with income above ₹ 10 lakh
