Finance Ministry asks direct tax code panel to revise existing I-T slabs

The finance ministry has asked the direct tax code (DTC) panel to revise the existing income-tax (I-T) slabs, especially in the 20 per cent bracket, said a senior government official privy to the development. The panel has sought three months to incorporate the suggestions. 

This suggestion was given when the task force for re-writing direct tax legislation met Finance Minister Arun Jaitley on Wednesday, a day ahead of the scheduled submission of the DTC draft report. 

“The current tax rates are ambiguous in nature, especially the lower slabs. As suggested we will work towards harmonising the tax rates, currently prone to interpretation.