Industry body FICCI has urged the government for income tax relief in the upcoming budget as a means to spur overall demand for goods and services, and said it should announce measures to re-energise exports, incentivise employment and reduce cost of doing business in the country. The government should consider revising upwards the direct income tax slabs for individuals with highest tax rate of 30% applicable only for income above Rs. 20 lakh, FICCI said in its pre-budget memorandum submitted to the finance ministry. FICCI said there is an urgent need to re-energise the engines of growth by enhancing consumer spending, and creating conditions for higher private sector investments and exports. Direct tax incentives can be given to businesses that reward employment generation according to FICCI.
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