Proposal for an Income Tax of 40% for the group earning more than Rs. 1 Crore annually?
Posted on: 27/Apr/2020 11:36:25 AM
An order has been issued to take departmental disciplinary action on the 50 IRS officers who recommended that 40% Income Tax must be levied on those with an annual income of Rs. 1 Crore and more!
The Central government rejected this proposal outright mentioning that it is an irresponsible act!
With the major section of the population suffering acutely over the last 30 days (many of them losing their jobs) under the lockdown imposition, there was a recommendation from the officials of the various tax departments that a 4% COVID-19 Relief Tax must be levied on the ultra-rich group.
Subsequently, the officials from the Central Ministry of Finance informed that the above recommendation has created a lot of anxiety and confusion among the public. They further stated that these recommendations are against the present policy of the government.
Even as the news was doing the circles, the Central Finance Ministry officials have appealed to the public to reject it outright!
