LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » India News

Budget 2019: Increase income limit for peak tax rate of 30%, demands FICCI

Union Budget 2019: Finance Minister Nirmala Sitharaman is set to present her maiden Union Budget on July 5.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Budget 2019: Increase income limit for peak tax rate of 30%, demands FICCI
FICCI has urged the government to abolish the levy of surcharge on individuals @ 10% and 15% having total income above Rs. 50 lakhs and Rs. 1 crore respectively.
Written By: Rajeev Kumar
Updated: Mon, Jun 17, 2019
04:55 pm
New Delhi, ZeeBiz WebDesk
RELATED NEWS
Modi government plans! 1st genuine single window in terms of compliances, ease of approval process Modi government plans! 1st genuine single window in terms of compliances, ease of approval process
FICCI 93rd Annual General Meeting: PM Modi to inaugurate virtual Annual Expo tomorrow  FICCI 93rd Annual General Meeting: PM Modi to inaugurate virtual Annual Expo tomorrow
India's manufacturing poised to witness recovery in July-September: Survey India's manufacturing poised to witness recovery in July-September: Survey
India's strategy of dealing with COVID-19 paid off, economy set to bounce back: Ficci India's strategy of dealing with COVID-19 paid off, economy set to bounce back: Ficci
Good news for film fraternity! Modi government to announce SOPs for resumption of film production Good news for film fraternity! Modi government to announce SOPs for resumption of film production

Union Budget 2019: Finance Minister Nirmala Sitharaman is set to present her maiden Union Budget on July 5. Salaried taxpayers are hoping that the FM may announce a change in tax slab rates, keeping annual taxable income up to Rs 5 lakh per annum out of the tax net. In the interim budget presented in February this year, the government had made income up to Rs 5 lakh tax-free. However, there was no change in the tax slabs announced. Commerce and industry body FICCI wants the government to raise the income limit for the peak tax rate of 30%. In its Pre-Budget Memorandum, the Federation of Indian Chambers of Commerce and Industry (FICCI) said, "Currently, the peak tax rate of 30% is made applicable over an income of Rs. 10 lakhs for individual taxpayers. However, the income level on which peak rate is applied in other countries is significantly higher. Hence, there is a need for further raising the income level on which the peak tax rate would trigger, to make the same compatible with the international standards."

The industry body has recommended the following tax slabs for individual taxpayers:

FICCI has further urged the government to abolish the levy of surcharge on individuals @ 10% and 15% having total income above Rs. 50 lakhs and Rs. 1 crore respectively. " It is believed that the increased surcharge on a certain category of individuals distorts equity and tends to
discourage entrepreneurship and incentivizes people to relocate to other locations," it said.  

On tax rate for transactions done through a mode other than cash, FICCI said, "In all the sections introduced to promote digital economy, the mode of payment should be defined in such a manner that all non-cash transactions done through traceable mode should be covered within the ambit."

FICCI added, "It is further suggested that benefit of a lower rate of tax @ 6%, should also be extended for presumptive tax under section 44ADA (presumptive tax for professionals) and 44AE (presumptive tax for truck owners)."

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
FicciBudget 2019
RELATED NEWS
Modi government plans! 1st genuine single window in terms of compliances, ease of approval process Modi government plans! 1st genuine single window in terms of compliances, ease of approval process
FICCI 93rd Annual General Meeting: PM Modi to inaugurate virtual Annual Expo tomorrow  FICCI 93rd Annual General Meeting: PM Modi to inaugurate virtual Annual Expo tomorrow
India's manufacturing poised to witness recovery in July-September: Survey India's manufacturing poised to witness recovery in July-September: Survey
India's strategy of dealing with COVID-19 paid off, economy set to bounce back: Ficci India's strategy of dealing with COVID-19 paid off, economy set to bounce back: Ficci
Good news for film fraternity! Modi government to announce SOPs for resumption of film production Good news for film fraternity! Modi government to announce SOPs for resumption of film production

LATEST NEWS

REVEALED: 'Laga bhi diya...' - What PM Narendra Modi told nurse P Niveda after COVID-19 vaccine shot

This is why Bill Gates prefers Android over iPhone

PUBG Mobile Lite Season 22 Update: Check release date, timings, APK download link and MORE!

Centre gets more time to file report in WhatsApp privacy case

WOW! Oscillation Trial: 180km per hour—WATCH new AC-3 tier coach clocks lightning speed

LPG cylinder price today: Cooking gas gets costlier by Rs 25, second hike in four days—check new prices

WhatsApp Mute Video feature: You just cannot afford to miss out on this

Last day, apply now! 1150 vacant posts for Gramin Dak Sevaks in Telangana postal circle; check how to apply, TRCA allowances, age limit, eligibility and other details now

Heranba IPO allotment status: Finalisation date, direct BSE link to check share subscription

89 government posts vacant; salary up to Rs 1,80,000 per month - how to apply, age limit and other details

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved