Quick Summary
In a significant appeal to the government, the All India Federation of Tax Practitioners (AIFTP) has urged for a reduction in the personal income tax burden on citizens in the forthcoming Union budget set to be presented later this month. The AIFTP president emphasized the importance of increasing the income tax exemption limit to Rs 5 lakh to provide relief to taxpayers. He also highlighted the need for simplifying the tax structure to facilitate easier compliance for individuals. In his me
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FAQ :
The AIFTP is urging the government to reduce the personal income tax burden on citizens.
The AIFTP president has proposed increasing the income tax exemption limit to Rs 5 lakh.
The proposed structure is 10% for income between Rs 5 lakh to Rs 10 lakh, 20% for Rs 10 lakh to Rs 20 lakh, and 25% for income above Rs 20 lakh.
The AIFTP suggests eliminating surcharge and cess, stating their continuation is no longer justified and questioning the transparency of education cess utilisation.
The AIFTP advocates for reverting the tax rate under section 115BBE on unexplained cash credits, loans, investments, and expenditures from 75% plus cess back to the original 30%.
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