Key Points
A direct tax practitioners' body on Sunday urged the government to reduce personal income tax burden on citizens in the upcoming Union budget later this month..
All India Federation of Tax Practitioners (AIFTP) president Narayan Jain stated that the exemption limit should be increased to Rs 5 lakh...
"Income between Rs 5 lakh to Rs 10 lakh be taxed at 10 per cent, between Rs 10 lakh to Rs 20 lakh at 20 per cent, and income above Rs 20 lakh at 25 per cent," Jain said in his memorandum to the Finance Minister...
The memorandum also addresses the tax rate under section 115BBE on unexplained cash credits, loans, investments, and expenditures, which was increased to 75 per cent plus cess during the demonetization period..
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