The Hindu : Business : ‘Bring agriculture into tax net’

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Tuesday, Jan 08, 2008
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‘Bring agriculture into tax net’

Special Correspondent

Call for increase in income-tax ceiling

NEW DELHI: Nearly 80 per cent CEOs, having affiliation with the Associated Chambers of Commerce and Industry of India (Assocham), have strongly pitched for bringing in the agriculture sector into the tax net and sought waiver of 10 per cent surcharge on corporate tax and hike in personal tax ceiling to Rs. 1.50 lakh in view of increasing cost of inflation index.

Duty cut sought

In a random survey on ‘Agriculture income v budget proposals for 2008-09’ released here on Monday before the industry’s pre-budget consultations with the Finance Minister scheduled for Tuesday by the chamber chief, Venugopal N. Dhoot, said over 70 per cent of CEOs wanted reduction in excise duty to 12 per cent in the forthcoming budget proposals.

In the survey, about 240 CEOs collectively said that the industry’s demand for bringing in the agriculture sector into the tax net still remained unheeded and should no longer be ignored.

Two-hundred-and-fifty CEOs have called for an increase in the income-tax ceiling to Rs. 1.50 lakh with standard deductions to the extent of Rs. 50,000 to each tax payer and above Rs. 5 lakh income, the slab should be brought to 25 per cent from 30 per cent now.

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