Which of the following statements is INCORRECT with respect to the India’s Tax Reforms Committee (TRC), 1991?
1
The TRC suggested aggregation of minor’s income, other than wage income, with the income of the parents.
2
The committee suggested a phased reduction of the corporate tax to 10% and continuation of surcharge on corporate tax.
3
The committee recommended the abolition of tax concessions, rebates and allowances, under various incentives for saving schemes.
4
The TRC suggested a moderate flat tax rate on long term capital gains after due indexation for inflation.