ANI | , Posted through Ritu Maria Johny
Delhi-based affiliation of buyers, Chamber of Trade and Industry (CTI), as a part of its pre-Budget suggestions, wrote a letter to Union finance minister Nirmala Sitharaman in the hunt for reduction for middle-class other folks and small buyers. “All sectors need relief from the government in the budget. Especially the middle class and 20 lakh traders of Delhi have not got any relief in the budget in the last eight years and everyone is hopeful that they will definitely get some relief from this budget, the Delhi-based association said in a release.
The Union Budget 2023-24 is to be presented on February 1, 2023. Like the previous two Union Budgets, Union Budget 2023-24 will also be delivered in paperless form.
The formal exercise to prepare the annual budget for the next financial year (2023-24) commenced on October 10.
Chairman Brijesh Goyal, on behalf of CTI, said taxpayers in the senior citizens’ bracket should get old age benefit on the basis of their taxes. “Taxpayers of their previous age should get social safety and retirement advantages in response to the source of revenue tax paid within the earlier years,” it said in the release.
Further, for ease of doing business, it is recommended that the government restore the old limit of cash payment. “The money transaction restrict has now not been higher for 20 years. Six years in the past, to advertise virtual transactions, the money fee restrict was once decreased from 20,000 to 10,000. The restrict of 20 thousand was once operating for 22 years,” it said. Under section 40A of the Income Tax Act, any payment in cash above 10,000 to somebody in an afternoon shall now not be allowed as a deduction within the computation of source of revenue.
Among others, the affiliation of buyers demanded reasonably priced loans for the middle-class, separate schemes and programs to advertise the producing sector and the Make in India initiative, and an export hub to advertise business. Budget 2023 might be the ultimate complete price range of the Modi govt in its 2d time period with the following Lok Sabha elections due in April-May of 2024.