The Shiv Sena today urged the Centre to raise tax exemption on income of lower and middle class individuals by increasing the slabs.
It demanded that there should be tax exemption on annual income up to Rs 5 lakh, which is currently Rs 2.5 lakh. The Sena also demanded waiving off the loans of farmers.
Sena MPs Anandrao Adsul and Rahul Shewale submitted a memorandum of demands to union minister of state for finance Santosh Gangwar today.
Adsul said, "Common man has been badly affected by demonetisation. As the government says huge deposits came in banks and this would lead to higher tax collection. We strongly feel and therefore demand that common man should be rewarded by lowering both direct and indirect taxes in the ensuing budget."
He said Sena demanded not to levy tax on annual income up to Rs 5 lakh, impose 10 per cent tax on annual income between Rs 5 lakh to Rs 7 lakh, 20 per cent tax on income between Rs, 5 to 10 lakh and 30 per cent tax above Rs 10 lakh.
"In order to protect senior citizens from any decline in interest rates, the rate should be kept at 10 per cent instead of 8 per cent," Adsul said.
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