Income tax rate is expected to come down, says Mos Finance

December 14, 2016 21:47

Income tax rate as well as interest rate are expected to come down as a result of demonetisation of high value currency notes, Minister of State for Finance Arjun Ram Meghwal said today.

"I cannot reveal everything which will be part of the budget, but interest rate will come down...it will definitely come down", the minister said.

He also indicated there is a possibility of income tax rate cut in the upcoming budget which is expected on February 1.

"There are two issues with income tax-- exemption limit, and another is slab. Both of them will be looked into," he said while addressing an event organised by Laghu Udyog Bharti in New Delhi.

Assuring relief to the MSME sector, Meghwal said the next budget will look into their concerns.

Spelling out advantages of demonetisation, Meghwal said that it will help lower interest rate.

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