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Revision of Income Tax Slabs Can Boost Government Revenue by Rs. 55000 Cr
The government is reviewing the Income Tax task force report on direct taxes and is likely to implement some of the recommendations in the next budget. If implemented these rejigs in income tax slabs can boost overall capital gains tax and government's revenues to more than Rs. 55,000 crore.
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- Revision of Income Tax Slabs Can Boost Government Revenue by Rs. 55000 Cr
The New Income-Tax Slabs that are Proposed are
- 10% tax for annual income up to Rs. 10 lakhs
- 20% tax for annual income b/w Rs. 10 lakhs and Rs. 20 lakh
- 30% tax for annual income between Rs. 20 lakhs and Rs. 2 crore
- And 35% tax for annual income of more than Rs 2. crore
Whereas the existing Income tax rates are 5% plus 4 % cess for individuals earning between Rs 2.5 lakh and Rs. 5 lakh, 20% + 4 % Cess for individuals earning between Rs. 5 lakhs and Rs 10 lakhs, and 30 % + 4 % Cess for individuals earning more than Rs. 10 lakhs.
The task force report further suggests removing re-assessment for those who pay/declare higher income tax for a span of up to six years with a 50 percent penalty along with interest. It has also recommended to wave off surcharge that presently ranges between 15 & 37 percent. The report also mentions limiting the deductions available to individuals for medical and education expenses, provident funds, housing loans, etc. At present, tax-payers can avail a number of deductions in lieu of interest on equity-linked savings schemes, savings in FDs, and insurance. It also recommends the removal of deduction available in lieu of rentals and interests.
The report, however, proposes to keep the Securities Transaction Tax (STT) on equities and also to continue with the existing LTCG tax of 10% on equities worth Rs. 1 lakh held for more than a year. The report also suggests maintaining 15% short term capital gains (STCG) tax on equity assets.
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*All savings are provided by the insurer as per the IRDAI approved insurance plan.
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
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