Nirmala Sitharaman, the Union Finance Minister, chaired pre-Budget meetings with state Finance Ministers on Thursday. Some Chief Ministers and Deputy Chief Ministers, as well as senior officers from the states and the federal government, attended the meeting.
The rationalisation of income tax slabs was one of the suggestions put forward by the participating states. On personal income tax, some state Finance Ministers felt the personal income tax slabs saw sharp a jump from 5 per cent to 20 per cent and 30 per cent slabs. Multiple surcharges on some of the slabs jack up the personal income tax rate to over 40 per cent.
| Income Tax Slab | Income Tax Slabs rates (below 60 Years) |
|---|---|
| Up to Rs 2.5 lakhs | NIL |
| Rs. 2.5 lakh -Rs. 5Lakhs | 5% |
| Rs 5 .00 lakh – Rs 10 lakhs | 20% |
| > Rs 10.00 lakh | 30% |
The participants also referred that the Centre has already reduced corporate tax rates to increase compliance and attract more industry, they felt such an approach could be applied to income tax slabs as well.
The participants also gave numerous suggestions to the Union Finance Minister for inclusion in the Budget speech. Among the suggestions were increased research and development (R&D) spending, infrastructure status for digital services, investment in online safety measures and incentives to hydrogen storage and fuel cell development.
🕑 21 Jan,22 6:37p.m.
Subramanian Swamy suggests abolishing Income Tax
🕑 20 Jan,22 9:04a.m.
Duties & Responsibilities of officials for railway Computer Based Tests (CBTs)
🕑 19 Jan,22 9:18a.m.
Zonal Railways to decide on extension of deputation upto 5 years
🕑 19 Jan,22 8:57a.m.
CVC: instruction on CBI documents for departmental inquiry
🕑 18 Jan,22 11:19a.m.
Restriction on number of applications for transfer on deputation
🕑 17 Jan,22 4:15p.m.
Defence Min launches Raksha Pension Shikayat Nivaran Portal
🕑 17 Jan,22 1:59p.m.
Railways: Guidelines Selection under rule 72 to the post of Sub-Inspector
🕑 15 Jan,22 2:51p.m.
Railways redesignate Guard as Train Manager
🕑 14 Jan,22 9:45a.m.
Clarification on pass entitlement on posting/transfer with pay protection
_592937db434da_592d392f88869.png)
🕑 13 Jan,22 5p.m.
Govt puts CEL privatisation on hold amid allegations of under-valuation
🕑 20 Jan,22 2:24p.m.
4 ways to check your PF balance - App, Web, SMS & Missed call
🕑 19 Jan,22 3:09p.m.
Budget 2022: Govt may offer more benefits under income tax regime
🕑 18 Jan,22 2:24p.m.
No maternity leave/benefits for 2nd delivery, if twins in first
🕑 17 Jan,22 10:27p.m.
Amazon's Great Republic Day sale is LIVE: Up to 70% discounts
🕑 17 Jan,22 1:30p.m.
Budget 2022 - Expectations on standard deductions, home loan rebates
🕑 15 Jan,22 10:30a.m.
Major income tax provisions applicable from this financial year
🕑 14 Jan,22 2:33p.m.
Case for hike in retirement age to 62 for central government employees
🕑 13 Jan,22 10:29a.m.
EPFO allows medical advance of up to Rs 1 lakh for COVID treatment
🕑 12 Jan,22 10:13a.m.
Budget 2022-23: Standard Income Tax deduction may rise by 30-35%
🕑 11 Jan,22 2:40p.m.
CGHS Webinar on 11/01/2022 (Tuesday) at 4.00PM