Centre rejects report by IRSÂ officials suggesting Income Tax hike, calls it ill conceived
New Delhi/ IBNS: The Centre has rejected a report prepared by a group of IRS officers that suggested a 40 per cent hike in the income tax rate, a 4 per cent Covid-19 relief cess and imposing a super-rich tax, finance ministry officials have said, reported media.
The report named Fiscal Options and Response to Covid-19 Epidemic (FORCE) was proposed by a group of IRS officers through IRS Association and released it in media through the association's Twitter handle and website, Hindustan Times reported.
The finance ministry officials said it was “an irresponsible act” of few officers, the report added.
“A departmental enquiry will be initiated against people responsible for creating panic among the public by uploading this unauthorised report in social media that could have a serious consequence for both, the economy and the market. Thankfully, the market was closed,” one of the officials said, it stated.
According to the HT report, the proposal suggested "raising income-tax rate up to 40% for those with an income minimum Rs 1 core per annum, re-introduce wealth tax for those with a net wealth of Rs 5 crore and levy a one-time Covid Relief Cess of 4% on those with a taxable income of Rs 10 lakh and above".
The Finance Ministry official said the taxation proposals are against government's taxation policy, the report added.
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