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Chamber for restructuring tax slabs
NEW DELHI: While seeking revision of the basic exemption limit for personal taxation to at least Rs. 1 lakh, the PHDCCI has urged the Government to restructure tax slabs to take care of the actual cost of living and make the maximum marginal rate of 30 per cent applicable to incomes exceeding Rs. 4 lakhs instead of the present of Rs. 1.50 lakhs. In its pre-budget memorandum to the Union Ministry of Finance, the chamber has asked for an increase in standard deduction to at least Rs. 50,000. The chamber has also said that the surcharge of 10 per cent on total income exceeding Rs. 8.50 lakhs should be withdrawn with immediate effect. The chamber has suggested that insurance premium should be an admissible deduction at actuals beyond 30 per cent, as before. — Our Special Correspondent
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