Budget 2024: Tax Practitioners' Urge Govt To Rationalise Personal Income Tax
All India Federation of Tax Practitioners president Narayan Jain stated that the exemption limit should be increased to Rs 5 lakh.
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.
He emphasized the need for simplifying the tax structure to ease compliance.
"Income between Rs 5 lakh to Rs 10 lakh be taxed at 10%, between Rs 10 lakh to Rs 20 lakh at 20%, and income above Rs 20 lakh at 25%," Jain said in his memorandum to the Finance Minister.
Also president of Calcutta Citizens' Initiative, Jain suggested eliminating the surcharge and cess, arguing that their continuation is no longer justified.
He said that the government does not adequately explain how the education cess is utilised, emphasizing that providing education and medical facilities is a fundamental duty of the government.
The memorandum also addresses the tax rate under section 115BBE on unexplained cash credits, loans, investments, and expenditures, which was increased to 75% plus cess during the demonetization period. Jain advocates for reverting this rate to the original 30%.
