Hyderabad, April 26

Govt rejects ‘tax on super-rich’ proposal Mumbai: The Indian Revenue Service (IRS) Assn has asked CBDT to raise the tax slab to 40% from 30% for those with income over Rs1 cr and re-introduction of wealth tax for those with over Rs5 cr annual income. Finance Ministry sources called the proposal ill-conceived and an act of indiscipline. PTI

A prolonged lockdown may possibly push million of Indians into the “margins of subsistence”, former RBI Governor Duvvuri Subbarao said today while expecting a ‘V’recovery once the Covid-19 crisis ends and the turnaround in India to be faster than some economies.

“Because most analysts believe this year India will actually have negative growth or growth will contract. We must remember even ahead of the crisis two months ago, our growth slowed. Now it has completely stopped. Last year growth was 5 per cent... we are going to negative or zero growth this year,” he said.

“It is true that India is going to perform in this crisis better than most other countries. But that is no consolation.... We are a very poor country and if the lockdown is not lifted soon enough, it is possible that millions of people will be pushed into margins of subsistence, he said while participating in a webinar. — PTI