/financial-express-hindi/media/media_files/M8MnZifSDKqvHEgeWVCX.jpg "Budget Expectation: Will the tax burden on common people be reduced? Demand from the government to increase the income tax exemption limit in the upcoming budget")
A body of direct tax professionals has demanded the government to reduce the income tax burden on common people in the upcoming budget. Narayan Jain, chairman of the All India Federation of Tax Practitioners (AIFTP), said on Sunday that the government should increase the income tax exemption limit to Rs 5 lakh. He also stressed the need to simplify the tax structure to ease compliance. Jain is also the president of the Calcutta Citizens Initiative.
this is the demand
In his memorandum to the Finance Minister, Narayan Jain has said that 10 percent tax should be imposed on income between Rs 5 lakh and Rs 10 lakh, 20 percent for Rs 10 lakh to Rs 20 lakh and 25 percent tax on income above Rs 20 lakh. He advocated abolition of surcharge and cess and said that it is not appropriate to continue them.
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He said the government does not adequately explain how the education surcharge is used. He said providing education and medical facilities is the fundamental duty of the government. The memorandum also mentions the tax rate under section 115BBE on unexplained cash credits, loans, investments and expenditure, which was increased to 75 per cent plus cess during demonetisation. Jain has advocated bringing this rate back to the original 30 per cent.
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