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11:28 am - Tuesday January 23, 2018

AIBEA urges Jaitley to raise ceiling of IT for salaried persons to Rs 7.5 lakh in next budget

Agencies, Hyderabad

All India Bank Employees Association’ (AIBEA) on Saturday urged Finance Minister Arun Jaitley to consider raising the ceiling on Income Tax to Rs 7.5 lakh for salaried persons excluding fringe benefits like housing, medical, educational facilities etc.

In a letter to Mr Jaitley, AIBEA General Secretary Ch Venkatachalam giving suggestions to be incorporated in the next budget 2018 said the income tax rate above Rs 7.5 lakh and upto Rs 12 lakh shall be 10 per cent and above Rs 12 lakh up to Rs 20 lakh should be 20 per cent and above Rs 20 lakh and up to Rs 25 lakh, it must be 25 per cent.

He said the income tax slab for rich individuals should be raised significantly. For annual incomes between Rs 25 lakh and Rs 1 Crore, tax rate should be 35 per cent and for annual income above Rs 1 crore, the tax rate must be be 40 per cent.

Mr Venkatachalam said adequate steps to be initiated by the government to recover the tax dues from industrialists, high networth individuals and companies, corporates, through law enforcement agencies.

The Central Excise, Income Tax and Sale Tax exemptions to Corporates and industrialists should be scrapped and abolished.

The AIBEA General Secretary said Uniform tax rates for goods should be introduced across the country and adequate compensation should be paid to the State Governments by the Centre for such introduction, for the revenues that would be affected by such move.

The tax on all stock market and futures’ transactions should be collected. There should be a total Exemption of Income Tax on Gratuity and Leave Encashment on retirement, Mr Venkatachalam said.

Posted in: Business

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