New Delhi: Many senior tax officials have suggested that to fight the corona epidemic, the government should increase the super rich tax and also increase the tax on foreign companies. The Indian Revenue Service (IRS) Association has made the proposal to the Central Board of Directors Tax (CBDT) Chairman PC Modi as FORCE (Fiscal Options and Responses to the Covid-19 Epidemic).
It has been suggested in the force paper that the government should give relief only to honest taxpayers who file returns on time. Apart from this, the central government has decided to keep dearness allowance unchanged till 30 June 2021. This will save 37 thousand crore rupees to the central government.
There are also suggestions in the paper of IRS Association which will be implemented only for some time. It says that if someone’s income is more than 1 crore, then 40% tax rate should be imposed instead of 30. For those whose income is more than 5 crore, wealth tax should be applied again. It can currently be applied for 3-6 months.
