Govt intends to remove all income tax exemptions in the long run: FM

After slashing income tax rates for individuals on condition that they will give up exemptions and deductions, Finance Minister Nirmala Sitharaman on Saturday said the government intends to remove all I-T exemptions in the long run.

Speaking at a press conference after presenting her second budget in the Lok Sabha, she said income tax cuts follow reduction in corporate tax rates in September last year.

The minister said additional capital will be provided to public sector banks as and when required.

Her budget speech did not provide for any specific number for additional capital.

The finance minister said improvement in revenue generation gives hopes