NEW DELHI: India is to halve the basic rate of income tax to five percent, Finance Minister Arun Jaitley announced on Wednesday in his annual budget.

Jaitley said the move would ease the burden of the government's shock decision last year to ban high-value banknotes to combat widespread corruption. It would also encourage more people to pay tax.

Premium + Digital Edition

Ad-free access


P 80 per month
(billed annually at P 960)
  • Unlimited ad-free access to website articles
  • Limited offer: Subscribe today and get digital edition access for free (accessible with up to 3 devices)

TRY FREE FOR 14 DAYS
See details
See details