Budget: Before the presentation of the country's general budget, the Chamber of Trade and Industry (CTI) convened a Mahapanchayat of the businessmen of Delhi. This mahapanchayat took place through video conference. In this 100 big business organizations of Delhi participated. CTI Chairman Brijesh Goyal and President Subhash Khandelwal told that on February 1, Union Finance Minister Nirmala Sitharaman will present the budget in Parliament. On this, the traders of Delhi were discussed and their suggestions have been sent to the government.
In the era of Kovid epidemic, all the sectors need relief from the government. In which area, how much damage has happened, what kind of help they need from the government, all these topics were discussed. In this discussion, there was a demand to withdraw the 10 percent tax slab between 5 percent and 20 percent. Along with this, the matter was also raised on having a maximum tax of 10 percent up to 10 lakh and after that maximum 25 percent tax like corporate tax.
Quarterly TDS return to be abolished
Taxpayers should get old age benefit on the basis of their tax. In the old age of the taxpayer, according to the income tax paid in the previous years, social security and retirement benefits should be given to him. Quarterly TDS return should be abolished and all details should be taken along with TDS challan.
Traders raised demands
Relaxation in the time limit for filing ITR on the death of the trader. During the Corona period, there were many cases where the ITR could not be filed due to non-availability of complete documents and record of transactions due to non-completion of legal heir process on time after the death of a tax payer.
Traders worry that income tax exemption limit has not been increased for 7 years. Those with income up to Rs 5 lakh do not have to pay tax, but for the last 7 years, the exemption limit has remained only Rs 2.5 lakh. Due to this, even those with income of 5 lakhs have to file returns despite not being taxed. That is why the income tax exemption limit should be increased to 5 lakhs.
The limit for cash transactions has not increased for twenty years. Five years ago, to promote digital transactions, the limit of cash payment was reduced from 20 thousand to 10 thousand. The limit of 20 thousand was going on for 22 years. The old limit of cash payment should be restored for Sugam Vyapar.
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