Raise limit of income tax exemption: Chandigarh Beopar Mandal

Chandigarh, January 28

The Chandigarh Beopar Mandal (CBM) has demanded an increase in the income tax exemption limit to Rs 5 lakh for all assessees in a memorandum to Union Finance Minister Nirmala Sitharaman.

CBM president Charanjiv Singh said they had demanded an increase in the income tax exemption limit to Rs5 lakh for all assesses and keeping income tax slab of 10 per cent up to Rs10 lakh in the new Budget.

He said they also demanded a one-time settlement scheme for pending VAT assessment cases in the Budget to give a boost to the commerce and provide relief to city traders.

Other major suggestions made by members of the Beopar Mandal include the rationalisation of income tax exemption limit and rate slabs, advance payment if tax amount is more than Rs50,000 instead of Rs10,000, exemption of capital gain on commercial self-use property, increase in the limit of deduction under Section 80C from Rs1.50 lakh to Rs3 lakh, increase in medical insurance exemption limit to Rs1 lakh for senior citizens and Rs50,000 for other citizens and rationalisation of goods and services tax rates and structure.