MP Arora seeks rationalization of income tax rates for individuals in coming Budget from FM Nirmala Sitharaman
MP (Rajya Sabha) from Ludhiana Sanjeev Arora has taken up the issue of `Rationalization of income tax rates for individuals’, with the Union Finance Minister Nirmala Sitharaman.
City Air News
Jun 23, 2024 06:14
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Ludhiana, June 23, 2024: MP (Rajya Sabha) from Ludhiana Sanjeev Arora has taken up the issue of `Rationalization of income tax rates for individuals’, with the Union Finance Minister Nirmala Sitharaman.
In a letter addressed to FM, Arora congratulated her for once again assuming the charge of the Ministry of Finance. He said he would like to draw his kind attention towards the pressing issue of income tax rate disparities between individual taxpayers and corporate entities.
Arora apprised FM that through various forums of financial experts, it has come to his attention that individuals earning over Rs.5 crores are subjected to a maximum marginal tax rate of 42.74%, while the middle-class, with incomes exceeding Rs.10 lacs, face a rate of 31.20%. He pointed out that this is in stark contrast to the corporate tax rate of 25.17% under Section 115BAB of the Act.
He urged a rationalization of these rates, aligning the maximum marginal rate for individuals with that of Corporates, and advocating for a reduction in the tax burden on middle- class citizens to bolster consumption demand and economic growth.
Photo Caption:
MP Sanjeev Arora seen with FM Nirmala Sitharaman (File Photo).
