New Delhi: With the Union Budget 2023 just around the corner, the Delhi-based association of traders, Chamber of Trade and Industry (CTI) wrote a letter to the Union finance minister seeking relief for middle-class people and small traders in their pre- Budget recommendation.
In a statement released by the organisation, they said “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 Union Budget is set to be floored on February 1, 2023. 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.
On account of ‘ease of doing business’, the organisation sought revival of old cash payment limits. The recommendation noted that “the cash transaction limit has not increased for twenty years. Six years ago, to promote digital transactions, the cash payment limit was reduced from Rs 20,000 to Rs 10,000. The limit of 20 thousand was running for 22 years,”.
Under section 40A of the Income Tax Act, any payment in cash above Rs 10,000 to any person in a day shall not be allowed as a deduction in the computation of Income.
Apart from these recommendations, CTI further demanded affordable loans for the middle-class, separate schemes and packages to promote the manufacturing sector and the Make in India initiative, and an export hub to promote trade.
(With Agency Inputs)
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