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Thursday, January 7, 1999
IMC for rise in threshold exemption limit of IT
ENS ECONOMIC BUREAU
MUMBAI, Jan 6: The Indian Merchants' Chamber, in its pre-budget memorandum to the Union finance minister Yashwant Sinha, has sought an increase in the threshold exemption limit of income to Rs 60,000, from the present level of Rs 50,000, in view of the sharp rise in inflation and increased cost of living.IMC president YP Trivedi has also sought rationalisation in the income tax and capital gains tax rates.The chamber has urged the finance ministry to bring down the tax rates to 10 per cent on block incomes between Rs 60,000 and Rs 1,20,000, 20 per cent on incomes between Rs 1,20,001 and Rs 3,00,000, and 30 per cent on incomes exceeding Rs 3,00,000. "The rate of long-term capital gains should be revised downward keeping in pace with the minimum income tax rate of 10 per cent," IMC has said. In its memorandum, IMC has also asked for reduction of maximum rates of tax on partnership firms, which it said should be put on par with the maximum rates chargeable to individuals. Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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