The government does not have any plans to cut down personal income rates anytime, according to a source close to the officials.
There have been expectations on income tax cuts in the upcoming budget reading in February 2020 but the new revelation by the government subverts the expectations.
The government has been making moves to put money in people's pockets to ensure better sales and market. The economic slowdown itself is a result of constriction in the demand side rather than on the supply side as per reports.
There will be a revival in growth if there is more money in the pockets of the tax-paying middle class as it will lead to more consumption however the government is buying into this idea as of yet.
According to the government, the present personal income tax structure is such that a person earning up to Rs 6.5 lakhs a year or around Rs 50,000 a month does not have to pay taxes with deductions and exemptions.
The government gave up around Rs 1 lakh crores towards concessions and tax reliefs to citizens and HUFs, as per the budget figures of 2018-19.
Finance Minister Nirmala Sitharaman has assured that India is the fastest-growing economy, and it is a very democratic and capitalist respecting environment. She had also encouraged investors to come forward to India.
India as a nation is focussing on its own strategic interests, opined Union Finance Minister Nirmala Sitharaman.