Raise IT slab from Rs 2 lakh to Rs 5 lakh: Jaitley | india | Hindustan Times
Today in New Delhi, India
Apr 24, 2017-Monday
New Delhi
  • Humidity
  • Wind

Raise IT slab from Rs 2 lakh to Rs 5 lakh: Jaitley

india Updated: Apr 21, 2014 02:20 IST

BJP leader Arun Jaitley on Sunday demanded a raise in the Income Tax ceiling from Rs 2 lakh to Rs 5 lakh, which he claimed would benefit thirty million people.

Advocating low tax structure, the BJP leader said, "Direct Tax should be reduced. If the Income Tax limit is raised from Rs 2 lakhs to Rs 5 lakhs, 3 crore people will save Rs 24 crore which will lead to a small impact of 1 to 1.5% of National Tax Fund."

Jaitley claimed that the Vajpayee government kept the rate of interest at 7 to 8% which Congress-led UPA raised to 13-14%.

"Due to this, trade and industry are running under loss and closing down, and production has become costly," he said, adding, that is why countries like China and Thailand are moving ahead of India.

Jaitley said, "The savings of Rs 24 crore in the pockets of ordinary person by reducing ceiling on Income Tax will lead to increased purchase which in turn will lead to increased VAT and excise duty thereby increasing the revenue".

Speaking on Amritsar's development, Jaitley said the economy of the constituency is dependent on tourists and small businesses.

He emphasised that with the investment of Rs 300-400 crores, 2-3 elevated roads, better roads with construction of 10-12 new bridges together with provision for few concessions and grants to increase tourism by providing special tax concessions to hotels the economy of Amritsar can be strengthened.

Along with this special attraction of Golden Temple, Durgiyana Temple, Wagha Border, improvement in specialised foods of Amritsar will attract more tourists and all round efforts will be made to increase their numbers from 1 lakh per day to 2-3 lakh per day.

It will be ensured that tourist who stay for one night stay here for 3-4 nights.

Jaitley said, "I do not believe in the politics of allegations and counter allegations in politics but I can assure the people of Amritsar that I am voted to power.

"I will take care of each and every problem of Guru Ki Nagri and ensure that release of funds from Delhi is not a problem for the development of Amritsar."