Covid: Govt trashes report proposing tax hike

A report of 50 IRS officers of the I-T department on revenue mobilisation and economic impetus to fight Covid-19 pandemic is ill-conceived, and an act of indiscipline as well as violation of service conduct rules, Finance Ministry sources said. These officers from the Indian Revenue Service (IRS) Association in a report suggested raising tax rate to 40 per cent for those with income above Rs 1 crore, from 30 per cent at present, and levy of wealth tax for those with over Rs 5 crore annual income.

from Times of India https://ift.tt/3589u3B