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Business News/ News / India/  Income tax department rejects IRS officers report on hiking tax for super-rich
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Income tax department rejects IRS officers report on hiking tax for super-rich

'It is unequivocally stated that CBDT never asked IRS Association or these officers to prepare such a report,' the income tax department said on Twitter

'It is reiterated that the impugned report does not reflect the official views of CBDT/MInistry of Finance in any manner,' it saidPremium
'It is reiterated that the impugned report does not reflect the official views of CBDT/MInistry of Finance in any manner,' it said

The income tax department today rejected a report by a team of 50 young Indian Revenue Services (IRS) officers suggesting the government to hike income tax rates for super-rich and imposing a Covid-relief cess of 4% for those earning above 4 lakh.

“There is some report circulating on social media regarding suggestions by a few IRS officers on tackling Covid-19 situation. It is unequivocally stated that CBDT never asked IRS Association or these officers to prepare such a report," the income tax department said on Twitter.

Stating that no permission was sought by the officers before going public with their personal views and suggestions, the I-T department said it is a violation of extant Conduct Rules and necessary inquiry is being initiated in this matter.

“It is reiterated that the impugned report does not reflect the official views of CBDT/MInistry of Finance in any manner," it said.

Earlier it was reported that in its ten suggestions for generating more revenues, the Indian Revenue Service (IRS) Association has also mooted re-introduction of wealth tax, raising the Google tax and inheritance tax, among others.

A 44-page paper titled 'Force' which stands for 'Fiscal Options & Response to COVID-19 Epidemic', dated April 23, has been sent to the CBDT (Central Board of Direct Taxes) chairman P C Mody and the board members.

Further, the paper has called for imposing a COVID-19 cess to help mobilise additional revenues. The one-time cess of 4 per cent can help finance capital investment, it said. "The proposed cess can mop up an extra revenue of 15,000–18,000 crore. To mitigate the extra hardship on the middle class, the cess may be made applicable only in cases where the taxable income is greater than 10 lakh," the paper said.

Another suggestion is for the government to identify 5-10 crucial projects/ schemes in terms of investment and those which are likely to have a decisive impact on reviving the economy. Additional revenue generated should be used only to fund these identified projects.

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Published: 26 Apr 2020, 08:39 PM IST
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