INCREASING INCOME TAX EXEMPTION LIMIT TO RS 5 LAKH FOR ALL ASSESSES AND KEEPING INCOME TAX SLAB OF 10% UPTO RS 10 LAKH AND MAXIMUM RATE OF 25% ARE SOME OF DEMANDS SUGGESTED BY CBM TO FINANCE MINISTER FOR INCOMING NEW BUDGET IN A MEMORANDUM.
CHANDIGARH: In a Memorandum sent by Chandigarh Beopar Mandal and addressed to Mrs. Nirmala Sitharaman, Finance Minister of India, apart from many suggestions for providing relief in taxation to business community and Assesses in general, there has been raised a demand for announcing amnesty scheme for pending pre GST Assessment VAT cases on the pattern of nearby states.
Other major suggestions mooted by Chandigarh Beopar Mandal are
- Rationalisation of Income Tax Exemption Limit & Rate Slabs
- Advance Payment of Tax to be paid if tax amount is more than Rs 50,000/- instead of Rs 10,000/-
- Exemption of Capital Gain on Commercial self use property
- Increase of deduction limit under Section 80C from Rs 1,50,000/- to Rs 3,00,000/-.
- Abolition of TCS
- Medical Insurance exemption limit to be increase to Rs 1,00,000/- for Senior citizens and Rs 50,000/- for other citizens.
- One time settlement scheme of Pending Vat Assessment Cases.
- Rationalization of GST Rates and Structure.