PHDCCI chief Sanjay Aggarwal wants highest income tax rate cut to 25%

PHD Chamber of Commerce and Industry’s (PHDCCI’s) new president Sanjay Aggarwal on Sunday said the next Budget should lower the maximum (I-T) rate to around 25 per cent from the current 30 per cent plus surcharges.

“In the current scenario, there is a need to increase the disposable income of people by reforming the direct tax structure. The maximum personal rate should be around 25 per cent to increase the personal disposable income. This will boost demand in the economy,” Aggarwal, who is chairman and chief executive officer (CEO) of Paramount Cables, said.

His comment was in contrast to economist Joseph Stiglitz’s, who wanted the rich to be taxed more under the current circumstances.

Currently, an annual income of over Rs 10 lakh attracts 30 per cent tax, besides education and health cess of four per cent under the old regime. If an assessee chooses the new scheme of less exemptions, annual income of over Rs 15 lakh attracts 30 per cent tax. Besides, there are surcharges if annual income is above Rs 50 lakh. These go up to 37 per cent of the tax rate

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Kalrock to pilot Jet Airways take-off with Rs 1,000-crore investment

The Kalrock Capital-Murari Lal Jalan consortium has proposed to re-launch as a full-service carrier, with an initial investment of Rs 1,000 crore.

It has initiated discussions with lessors and international airlines for contracts and partnerships.

On Saturday, the committee of creditors voted in favour of the Kalrock-Jalan consortium over the FSTC-Imperial Capital combine. The winning bid attracted over 99 per cent votes, with lenders overwhelmingly voting for a revival instead of recovery through liquidation.

While Jet has admitted claims of over Rs 15,000 crore, the resolution plan consists of Rs 866 crore in upfront and deferred payment to creditors. A portion of the sum will be used to cover insolvency resolution costs.

Banks will also get a 9 per cent equity stake in the airline and an upside from the sale of aircraft. Employees have been offered 75 per cent stake in Jet’s ground handling arm, as well as a financial incentive of close to Rs 20,000 each.

“Our plan takes into consideration the interests of all stakeholders, including creditors and employees,” said Manoj Madnani, board member of Kalrock Capital. Madnani said the airline

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Israel And Bahrain Formalise Diplomatic Ties

Israel and Bahrain cemented Sunday a deal officially establishing relations and signed several memorandums of understanding, further opening up the wealthy Gulf region to the Jewish state.

An Israeli delegation, led by National Security Council chief Meir Ben Shabbat, headed to Manama from Tel Aviv on the first direct flight between the two countries to formalise the US-brokered deal they agreed to at the White House on September 15.

Israeli and Bahraini officials on Sunday signed the document establishing bilateral relations in the presence of other international dignitaries and reporters, an AFP correspondent said. They also agreed seven memorandums of understanding.

King Hamad bin Isa Al Khalifa, as well as Bahrain’s crown prince and prime minister, were absent from the ceremony, the correspondent said.

Bahrain’s foreign minister, Abdullatif al-Zayani, said during the event that it was the “start of relations between the two countries leading to constructive cooperation in various fields”.

(L-R)Bahrain Foreign Minister Abdullatif al-Zayani, Israeli Prime Minister Benjamin Netanyahu, US President Donald Trump, and UAE Foreign Minister Abdullah bin Zayed Al-Nahyan pose from the Truman Balcony at the White House

He said the decision to normalise ties with the Jewish state comes from the

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