Proposal News

It does look like the government has not thought through the new tax slab proposal

Mint Money outlines three Budget proposals to de-clutter personal tax for an average taxpayer

The middle classes will be benefited if the government accepts proposals by the task force on the simplification of direct tax legislation. The task force has proposed five tax slabs. People having income up to Rs 5 lakh will have to pay zero tax. Those earning between Rs 5-10 lakh can save up to Rs 37,500 a year. Those earning between Rs 10- 20 lakh can expect a benefit of about Rs 1 lakh. A person earning Rs 2 crore can hope to save around Rs 8.5 lakh. If accepted, these proposals will come as a big relief for the middle classes, especially those earning between Rs 5 lakh and Rs10 lakh a year.

While those with taxable incomes up to ₹5 lakh will go away the happiest from the interim budget, there is a little bit of good news for everyoneThe increase in standard deduction to ₹50,000 for the salaried class will help individuals save more tax

CII also suggested that corporate tax rate should be reduced to 25%, irrespective of turnover, and should be brought down to 18% in a phased manner

For long-term stability, budgets need to be boringly predictable for all taxpayers

Airports Authority of India (AAI) has invited 'e-proposals from international bidders for selection of airlines under IACS Udan, bids could be submitted by 22 November

Under Theresa May's Chequers proposal, Europeans will no longer have the right to live and work freely in the UK but there could be a 'mobility framework'

Steve Baker, who resigned over Theresa May's Brexit proposals, has warned that she may face a massive problem at the 30 September- 3 October party conference

UK's proposal offers the European Union an opportunity to demonstrate flexibility and start a process of internal reform