Income
Ficci has suggested that maximum marginal rate of tax for individuals be made applicable only to an income exceeding Rs 3 lakh, vis-a-vis the present limit of 1.5 lakhs. In its pre-budget memorandum, the chamber has asked for doing away with the surcharge of 2 per cent.
Also, standard deduction should be allowed uniformly to all employees without any reference of the salary limit earned by them, according to the chamber.
