Auto dealers demand depreciation benefits for individual taxpayers

Auto dealers demand depreciation benefits for individual taxpayers

Say it will boost demand and growth in GST collection.

New Delhi, January 20

Ahead of the upcoming Union Budget, the Federation of Automobile Dealers Associations (FADA) on Wednesday urged Finance Minister Nirmala Sitharaman to introduce benefits of claiming depreciation on vehicles for income tax-paying individuals and extend the depreciation period for corporates.

In its Budget recommendations, the FADA also said auto dealers should be kept out of annual TCS (tax collected at source) of 0.1% saying it is a huge financial burden on the automobile retail industry.

“The upcoming 2021 Union Budget should be focused on measures to revive the Indian economy from the pandemic slowdown and boost consumption-led demand.

“The Indian automobile industry is a barometer of the Indian economy and its revival will in turn pull up the economy,” FADA president Vinkesh Gulati said. — PTI

Tribune Shorts


Top News

Bodies of troops killed in accident near LoC to be sent to their native places for cremation

Army gives out names of 7 soldiers killed in Ladakh accident; 19 injured airlifted to Chandigarh

Prompt surgical procedures undertaken on critically-injured ...

Two militants killed in encounter in J-K’s Anantnag

Two Hizbul militants killed in encounter in J-K’s Anantnag

Security forces act on specific inputs about presence of mil...

DGCA imposes Rs 5 lakh fine on IndiGo for denying boarding to specially abled child

DGCA imposes Rs 5 lakh fine on IndiGo for denying boarding to specially abled child

IndiGo had on May 9 said the boy was denied permission to bo...

Gang smuggled cheap liquor from Chandigarh, filled it in bottles of costly scotch in Mohali; 4 held

Gang smuggled cheap liquor from Chandigarh, filled it in bottles of costly scotch in Mohali; 4 held

Accused say they used to buy empty bottles of scotch brands ...

Punjab govt withdraws security of 424 VIPs in state

Punjab withdraws security of 424 VIPs

These include former MLAs, jathedars of two Takhts, heads of...

Cities

View All