IRS Officers Suggest COVID-19 Cess

A policy paper titled 'Fiscal Operations & Response To COVID-19 Epidemic' (FORCE)' presented to the Prime Minister's Office by the IRS Association recommends a COVID-19 cess to be introduced in the country, reports The Print. 

This cess would be a one time cess of 4% for COVID-19  relief to be levied on people with a taxable income of more than 10 lakh rupees. 

The report also recommends a new tax-saving scheme  for mobilising more funds, raising the highest income tax slab rate for income levels above Rs 1 crore to 40%, or re-introduction of the wealth tax for those with a net wealth of Rs 5 crore or more.