There will be no changes to income tax slabs this year, informed Union Finance Minister Nirmala Sitharaman said on Thursday while presenting the vote-on-account. Other taxes will also be retained at similar levels to last year, including import duties, she said. In addition she also announced a scheme to withdraw petty income tax demands. “Outstanding direct tax demands will be withdrawn upto Rs 25000 pertaining to the period upto 2009-10, Rs 10, 000 pertaining to the period upto 2013-14. 1 crore tax payers will benefit out of this.”The Minister said that the income tax rates are already low and the government has increased the standard deduction from Rs 2.4 lakh per year to Rs 7.5 lakh per year.
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