Will the name of 'Income Tax' change? letter reaches FM!
Finance minister Nirmala Sitharaman will present the 14th budget of the Modi government to the country. However, a special letter has reached her before the budget, in which many big demands have been made. On one hand, there is a demand to change the name of 'Income Tax', while on the other hand, there is a demand to increase the limit of income tax exemption to Rs 10 lakh to give relief to the middle class. Let's know who has written this letter to the Finance minister and what demands have been made in it.
Who wrote this letter?
CTI (Chamber of Trade and Industry) Chairman Brijesh Goyal and President Subhash Khandelwal have written a letter to Finance minister Nirmala Sitharaman. Through this letter, they have made 10 big demands from the Finance Minister. These are the demands-
1. Old age benefit should be given to the elderly taxpayers on the basis of their tax, in the old age of the taxpayer, social security and retirement benefits should be given to them according to the income tax paid in the previous years.
2. To provide relief to the middle class, the limit of income tax exemption should be increased to Rs 10 lakh.
3. Corporates and big companies get bank loans at cheap interest rates, but for the middle class and small traders, they have to pay much higher interest in the Mudra scheme of the central government, hence our demand is that the middle class should get loans at cheap interest rates.
4. The new rule of payment and penalty in income tax within 45 days has come, due to which crores of traders and MSME traders are facing problems, it should be withdrawn.
5. The benefit of the new GST amnesty scheme should also be given to those traders who have already deposited tax, interest and penalty.
6. Medical insurance premium has increased badly in the last few years, due to which the middle class is facing a lot of problems.
7. There should be a hybrid system in income tax like GST, so that it can get a chance for personal hearing.
8. Many things of common use still attract 28% and 18% GST, so the rates of GST should be rationalized.
9. The central government should form a Trade and industry Development Board for traders and entrepreneurs.
10. The name of income tax should be changed to 'Rashtra Nirman Sahayog Nidhi' so that the feeling of paying more and more tax is awakened in the people. Apart from this, the central government should announce a separate fund of Rs 1000 crore for the redevelopment of Delhi's markets and industrial areas.
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