Friday, 25 January 2019

Extension of limit of Income Tax slab from existing 2.5 Lakhs to 10 Lakhs - for the salaried class. A letter to Shri Arun Jaitley, Hon'ble Minister of Finance, from Andhra Pradesh Government Employees Association.


Dated: 23-01-2019
To
Shri Arun Jaitley,
Hon'ble Minister of Finance, 
Government of India,
New Deihl.








Honored Sir, 

Sub: Extension of limit of Income Tax slab from existing 2.5 Lakhs to 10 Lakhs - for the salaried class - Requested - Regarding.

*****

Honored Sir,

     With due regards, It is to submit that at present,the tax on income Is 'NIL', if a person less than 60 years of age, i.e., in service Government Servant, whose earnings is less than 2.5 lakhs and it is 5°/o of tax for the persons with income slab between 2, 50,001/· to 5, 00,000/· besides having the additional benefits of tax saving instruments under various clauses of Section 80C.

     In this regard, on behalf of the true and sincere tax payers of the nation being an organized sector with the tax deduction at source by the employer, wish to submit that, there Is every need to review the present tax slab pattern and also with reference to standard deduction llmlt, such as certain investments and expenditure which Is at present Rs.1.50 Lakhs. Over a period of time the working class section Is looking towards the Government of India for announcement of enhancing the "No Tax Limit"  and also enhancement of "Standard deduction limit", in particular since 2014, when the popular  Government under the leadership of Shri Narendra  Modi JI assumed the office, with more trust and hope of getting this relief.

     The relief granted by your good selves In the 1st year of budget In the year 2014 15 in the present regime by raising the ncome Tax exemption limit to Rs.2.50 Lakhs for individual tax payers below 60 years of age coupled with raise in Income Tax  deduction limit on investments under Section 80C from Rs.1.00 Lakhs to Rs.1.50 Lakhs have certainly brought some smile for the indiv idual tax payers though the relief granted is not matched with the trusted expectations and in proportion.

     It is also cannot be contradicted that the above modification benefited the working class of India by increasing their purchasing capacity. However, the successive budgets have failed to meet with the aspirations and just demand  of  work ing class. Though certain trivial reliefs  were  granted  In Income tax liabilities, they failed to assuage the plight of the employee.

     It is further to bring to your kind notice that, the inflation increased many folds since 2014 but the limit of exemption did not furthered Rs.2.5 Lakhs, leading to huge sufferings for the salaried class/ working class of the country having no other source of income except the salary. It Is also reduced the purchasing capacity of sections and jeopardized their savings.
     We wish to submit that, in addition to the inflation, the bold initiatives taken up by the Government of ndia under able guidance and the  leadership of Shri Narendra Modi Ji have increased the tax payers base in direct taxation in particular ncome Tax and increased the revenue, taxing them to their peak heights with a tremendous record of growth year by year. This has naturally created a hope for the salaried/ working  class for enhancement of tax slab.

     It is more legal relevance that, the parliament  has  very  recently adopted the Constitution (One hundred and third amendment) Act, 2019 providing reserva tion to the economically backward section for the first time inIndia . We the representatives of employees wholeheartedly welcome the great initiative taken up by the Government of ndia under able leadership and most popular Shri Narendra  Modi JI. Under the said enactment the income limit of Rs.s.,oo Lakhs per annum has been decided as ceiling for creamy layer in the economically backward class's reservation,It Is 'thus, the need to review the Income Tax slabs from the present Rs.2.50 Lakhs has imminently arisen.

     In view of the above, we request your Honour to raise the present limit of Rs.2.50 Lakhs to Rs.10.00 Lakhs for the earning of people with less than 60 years of age, with a simultaneous Increase of standard tax limit under Section SOC to Rs.3.00 Lakhs from the present Rs.1.50 Lakhs,in the ensuing budget (Vote on account).

     We assure you sir, this will certainly help the lakhs of true and sincere tax payers and they all will along with their lakhs of family members throughout the country, will rally behind you in strengthening the nation economy as well as building the nation.

With earnest trust and hope we look forward for a positive consideration.




PRESIDENT





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