The income tax bracket for the rich can be hiked up to 45 per cent to support various government schemes, including healthcare, child education and rural development, Infosys founder N.R. Narayana Murthy said.
“Those who are blessed with higher incomes should come forward to pay higher taxes so that the money collected can be used for welfare schemes,” he said on Saturday, recalling his discussions with various Finance Ministers on the matter.
Mr. Murthy was speaking after inaugurating the three-day Income Tax Department’s special return receipt counters at Palace Grounds, set up to facilitate salaried and senior citizens to file their tax returns.
The deadline to file returns is August 31.
Citing taxation models in the U.S., Mr. Murthy urged for a system wherein the tax payer can choose the welfare scheme his dividend is used for. “The process should be transparent and accountable and administered by a well-reputed panel of experts and I believe many rich people will come forward to pay extra taxes,” he added.
Speaking at the event, Dinesh Verma, Principal Chief Commissioner of Income-Tax, Bengaluru, said the department is expecting over Rs. 82,000 crore as tax returns in Karnataka for the assessment year 2015-16, compared to Rs. 69,000 crore last year.
The special return receipt counters, aimed at easing the process of filing tax returns by bringing it under one roof for the public, will function at Gayathri Vihar in Palace Grounds till Monday from 9.30 a.m. to 5.30 p.m.
