Tuesday, Jun 18 2019 | Time 18:43 Hrs(IST)
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  • MP CM meets Guv
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Business Economy


AIBEA urges FM to raise ceiling on IT to Rs 7.5 lakh in ensuing Budget

AIBEA urges FM to raise ceiling on IT to Rs 7.5 lakh in ensuing Budget

Hyderabad, Jun 13 (UNI) All India Bank Employees' Association (AIBEA) on Thursday urged Finance Minister Nirmala Sitharaman to raise upwards the ceiling on Income Tax for Salaried Persons to Rs 7.5 lakh with exclusion of fringe benefits like housing, medical and educational facilities.

In a letter to Ms Sitharaman, AIBEA General Secretary Ch Venkatachalam said the income tax rate above Rs.7.5 lakh and upto Rs.12 lakh should be 10% and above Rs. 12 lakhs upto Rs. 20 lakh, 20% and above Rs. 20 lakh and upto Rs 25 lakh it should be 25 per cent.

He said the income tax slab for rich individuals should be raised significantly.

For annual incomes between Rs. 25 lakh and Rs. 1 Crore, tax rate should be 35 per cent and for annual income above Rs 1 Crore, the tax rate shall be 40 per cent, he added.

Mr Venkatachalam said adequate steps to be initiated by the government to recover the tax dues from industrialists, high networth individuals and companies, corporates, through law enforcement agencies.

India’s tax-GDP ratio is one of the lowest in the world. Further, the direct tax income is also quite low vis-à-vis the indirect taxes. While the indirect taxes burden in borne by all the people of the country, the lower direct tax collections result in rich getting incentive due to “low tax regime” while the poorer and common man gets taxed. Hence, proper mechanism should be devised to secure more direct tax income and by reducing the indirect tax viz., GST on various essential products and commodities, he said.

The top Union leader said the exemptions on tax and “tax holidays” to Corporates and industrialists should be scrapped and abolished.

Uniform tax rates for goods should be introduced throughout the country and adequate compensation should be paid to the State Governments by the Centre for such introduction, for the revenues that would be affected by such move.

The tax on all stock market and futures’ transactions should be collected. Applicable tax should be collected for dividend income, Mr Venkatachalam said.

UNI CS 1229

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Rupee gains 20 paise against USD

Rupee gains 20 paise against USD

18 Jun 2019 | 6:36 PM

Mumbai, Jun 18 (UNI) The Rupee on Tuesday appreciated by 20 paise to 69.70 against the US Dollar, on renewed selling of US Dollars by bankers and exporters, dealer at Forex Market informed.

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Sensex recovers by 85 55 pts

Sensex recovers by 85 55 pts

18 Jun 2019 | 6:35 PM

Mumbai, Jun 18 (UNI) The benchmark index of Bombay Stock Exchange (BSE) on Tuesday recovered by 85.55 points to settle at 39,046.34 as buying is seen in OIl&Gas, IT, Teck, Power and metal stocks.

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Commerce Ministry, MeitY, RBI to realise full use of digitisation in trade: Piyush

18 Jun 2019 | 6:34 PM

New Delhi, Jun 18 (UNI) Commerce and Industry Minister Piyush Goyal has said his Ministry, MeitY and the RBI will work in synergy towards realising the full use of digital technology together with trade and investment and also be mindful of the national needs priorities and sensitivities.

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CCI conducts market study on e-commerce in India

CCI conducts market study on e-commerce in India

18 Jun 2019 | 6:34 PM

New Delhi, Jun 18 (UNI) In view of rapid growth of electronic commerce and the rising importance of online trade in a large number of goods and services in India, the Competition Commission of India (CCI) is conducting a market study on e-commerce.

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Cognizant agrees to acquire Zenith Technologies

Cognizant agrees to acquire Zenith Technologies

18 Jun 2019 | 6:33 PM

Chennai, June 18 (UNI) Cognizant on Tuesday gave its consent
to acquire Zenith Technologies, a privately-held life sciences
manufacturing technology services company headquartered in
Cork, Ireland.

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