Coronavirus COVID-19: Centre junks IRS officers' report proposing hike in taxes for super rich, CBDT orders probe

The Union Ministry of Finance on Sunday (April 26) rejected a report titled 'FORCE (Fiscal Options & Response to the COVID-19 Epidemic') by 50 Internal Revenue Service (IRS) officers that suggested raising tax rate to 40% for those with income above Rs 1 crore, from 30% at present, and levy of wealth tax for those with over Rs 5 crore annual income.

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