Chief Vigilance Commisisoner (CVC) N Vittal has suggested a uniform Income Tax (IT) structure of 20 per cent on annual income exceeding Rs two lakh for all sections of people, including the business community.
Disclosing this on Friday after inaugurating the '25th All India Conference on Internal Audit', Vittal suggested to the Centre to scrap all it exemptions being provided to some categories of the people.
Claiming that such a step could go a long way in not only reducing corruption and black money but could also result in more income to the Centre, he pointed out that at present the Centre was providing it exemptions under 139 heads.
''India is bigger than any section of individuals,'' he said while referring to exemptions given to farmers and some others.
Black money was a staggering 40 per cent of the country's GDP, he claimed, while also answering questions by participants during the inaugural session.
Stating that he had also suggested an amendment to the Banking Secrecy Act to enable names of 'wilfull' defaulters be brought on the Internet, he disclosed that non-performing assets of Nationalised Banks in the country was a huge Rs 58,000 crore.
Bureau Report
