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Industry seeks tax relief

Bokaro Chamber of Commerce and Industries has shot off a letter to Union finance minister Arun Jaitley, seeking a business-friendly budget to boost market sentiment and revive the economy.

In its letter, the trade outfit has sought tax relief and special aid for small businesses to escalate industrial growth and generate employment opportunities.

Chamber chairman Manoj Kumar Chowdhry said they had sent a nine-point charter of demands to Jaitley, who is likely to table the Union Budget for the current fiscal in Parliament in a week or so.

The outfit has sought an increase in the service tax limit to Rs 25 lakh from the existing Rs 10 lakh to help small traders.

To encourage consumption and stimulate growth, it has demanded income tax exception limit be raised to Rs 6 lakh from Rs 2 lakh now.

Chowdhry said increasing the exception limit would also help prevent tax evasion.

This apart, the industries are in favour of raising the limit for compulsory audit under Section 44AB of the Income Tax Act from the existing Rs 1 crore to Rs 5 crore.

For micro, small and medium enterprises, the chamber has demanded special subsidy, apart from increasing the cash loan limit from Rs 20,000 to Rs 50,000.

“We have sent the suggestions to the Union finance minister for his kind consideration. We are looking forward to a positive, business-friendly budget that will revive the sluggish economy,” stated Chowdhry.