Income Tax limit for individuals should be 20 per cent

MUMBAI: The maximum tax limit of income tax for individuals should be 20 per cent and for businesses it should not exceed 25 per cent, a top industry official said here.

"The maximum tax limit of income tax for individuals should be 20 per cent and for businesses it should not exceed 25 per cent which would give major boost to the ecoomic growth ," Reliance Infrastructure, Vice Chairman, Satish Sheth said, while addressing at the Jain International Trade Organisation (JITO) conference here.

Speaking on the subject "Achieving Sustainable Accelerated Growth", Sheth said agriculture sector should be addressed urgently as it was one of the important pillars of the economy.

"Agriculture should contribute at least 50 per cent to the economy," he said.

Sheth was of the strong view that the every individual must have equal opportunity to grow and equal opportunity to share food, shelter and education.

Parallel economy takes away lawful financial resources of the exchequer which are needed for economic development.

Illegal transactions, non-reporting of incomes are some dangerous evils of our economy which should be addressed soon, he added.