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Raise IT limit, says panel

New Delhi NOV. 2. The task force on tax reforms, headed by Vijay Kelkar, today suggested drastic steps to end ``exemption-raj'', proposed 2-slab income tax rates of 20 and 30 per cent with a Rs. 1,00,000 exemption limit and brought in agricultural income of non-agriculturists under the tax net.

The consultation paper on direct taxes submitted by the task force to the Finance Minister, Jaswant Singh, today mooted a wide-ranging reform of corporate tax by reducing the rate to 30 per cent from the present 36.75 per cent for domestic companies and to 35 per cent from 40 per cent for MNCs, besides abolition of dividend tax and minimum alternate tax (MAT).

— PTI

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