The pandemic is completely upsetting the fiscal balance, a group of taxmen has suggested hiking the tax on the super rich; introducing a Covid cess and Covid Saving Certificates; raising an equalisation levy; and initiating a ‘Give It Up’-type campaign for tax concession, among measures to mobilise resources.
This is in response to the purported feedback sought by the Central Board of Direct Taxes (CBDT) — the apex policy making body for income tax — from officers.
The report on policies and suggestions for meeting the challenges in reviving the economy titled FORCE (Fiscal Options & Response to Covid-19 Epidemic) prepared by a group of 50 Indian Revenue Service (IRS) officers of the Income Tax Department has been reportedly submitted to the Finance Minister and the Board, besides others.
However, the CBDT, later in the day, denied that it had ever sought a report from the IRS Association or any other officers, and said it would order an inquiry into the issue.
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