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14.05 - 21:57
Income tax officers suggest 40% tax on super-rich, Covid-relief cess
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NEW DELHI : A group of senior income tax officers from the the Indian Revenue Service (IRS) Association have come out with fiscal suggestions to fight the Covid-19 pandemic.
As part of short-term measures, the tax officers have suggested the CBDT (Central Board of Direct Taxes) to impose higher taxes on the super-rich and impose a Covid-relief cess for all those earning above ₹10 lakhs.
According to the suggestion, the highest income tax slab should be raised to 40% for those earning above ₹1 crore in a financial year.
Alternatively, it has also suggested the re-introduction of wealth tax for those with net wealth of ₹5 crore or more. "Most high-income earners still have the luxury of working from home, and the wealthy can fall back upon
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