India offers tax relief amid slow economic growth
India’s government on Saturday offered relief to taxpayers and vowed to spend billions to double farmers’ incomes and upgrade infrastructure, health care and industry to boost the country's lowest economic growth in a decade, reports AP.
Finance Minister Nirmala Sitharaman presented to Parliament the budget for fiscal year 2020-21 that starts April 1, saying the government plans to spend $39.8 billion for agriculture and allied activities, $9.9 billion for health, $3.9 billion for industry and commerce, and $628.6 million to combat worsening air pollution in the country.
Income tax will be lowered by 5-10% for people earning above 500,000 rupees ($7,140) a year. Those earning less than 500,000 rupees will pay no tax, up from 250,000 rupees currently, she said.
