The government intends to eliminate all long-term income tax exemptions: Nirmala Sitharaman
NEW DELHI: After drastically reducing income tax rates for people on the condition that they waive exemptions and deductions, the finance minister said Saturday that the government intends to eliminate all IT exemptions to long term.
Speaking at a press conference after presenting his second Budget at the Lok Sabha, he said that income tax cuts continue to reduce corporate tax rates in September last year.
The minister said additional capital will be provided to public sector banks when necessary.
His speech on the budget did not provide any specific number for additional capital.