In a report, 50 officials of the Indian Revenue Service (IRS) to revive the economy affected by the corona virus, in a report to increase the rate of income tax for people with an annual income of more than one crore rupees to 40 percent, Wealth Tax Implementing, re-imposing Kovid-19 cess at the rate of four percent on people with income above Rs 10 lakh, up to Rs 5,000 every month for six months in the account of poor people A three-year tax holiday is recommended for all corporate and businesses in the healthcare sector to transfer. These officials made these recommendations in their report titled 'Fiscal Options & Response to Covid-19 Epidemic (FORCE)'.

For your information, let us tell you that the lockdown has been in force in the country for 40 days due to the novel coronavirus. Due to this, economic activities have come to a standstill and this has had an impact on the public exchequer as well and there is a possibility of huge reduction in tax collection in the coming time. In such circumstances, 50 IRS officers have suggested some new ideas to the government to bring the economy back on track. Officials have said in their report that by following the idea given by them, economic growth can be strengthened and at the same time income can be increased from tax. Officials have recommended proposals to be implemented in the short term (3-6 months) and medium term (9-12 months) to deal with the epidemic and increase revenue.

In this report, the authorities have recommended more tax on the rich people. Authorities have recommended increasing the existing slab of tax from 30 per cent to 40 per cent for people with income above Rs 1 crore for a limited period or for a fixed period of time. Apart from this, it has been recommended to impose property tax again on those with assets of more than five crore rupees.

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