Deputation of PTBA meets Jaitely regarding proposals to be incorporated in next Union Budget
Author(s): City Air NewsA deputation of PTBA meets Union Finance Minister Mr Arun Jailtely in New Delhi regarding proposals to be incorporated in Union Budget (2016-17). Ludhiana, December 25, 2015: A deputation of Punjab Tax Bar Association...
Ludhiana, December 25, 2015: A deputation of Punjab Tax Bar Association (PTBA) met the Union Finance Minister Mr Arun Jaitely at his residence in New Delhi regarding proposals to be incorporated in forthcoming the union budget.
Members of deputation held due deliberations and discussions with the Union Minister. Ashok Kumar Juneja, President & B.R.Kaushal, Secretary General (PTBA) argued before Mr Jaitley that having in view the ration of cost inflation index which was 125 in assessment year 1985-86 and is 1081 in assessment year 2016-17 the Income Tax exemption limit be increased from 2.50 Lac to 4.00 Lac, for Senior Citizen (Age group 60 years or more but less than 80 years) 3.00 Lac to 5.00 Lac& for Super Senior Citizens (Age of 80 years to more) from 5.00 Lac to 6 Lacs.
They demanded that subject to & having in view legal position & judgments of Courts an “Amnesty Or Voluntary Disclosure Scheme” may be launched with tax rate @ 30% with no penal action. They said no answer or explanation regarding nature & source should require to be submitted U/s 115BBE of Income Tax Act when the Assesses make disclosure of cash credit, unexplained investment & expenditure in their Income Tax returns and pay the income tax @ 30% + surcharge and No penalty should be imposed.
They demanded that to increase the number of assesses & revenue income tax slab rate be brought down from 30% to 25%. By this assesses will show higher income and it will help in building their capital which will be invested in business consequently causing increase in indirect taxes also.
Anil Sareen, Vice Chairman (PTBA) &Tarlok Bhalla, Secretary (PTBA) said that there is a acute shortage of staff in the Income Tax Department at all levels in the state of Punjab, more particularly in Ludhiana. Kindly take up this issue most urgently as without the complete staff the official / public work is at a standstill.
The Chief Commissioner of Income Tax appointed in Ludhiana is not available since long and Additional Charge has been given to Sh. Rajinder Kumar, Chief Commissioner at Chandigarh who now has the charge of Ludhiana, Amritsar as well as Chandigarh. One can well assume the pace of work done in such situation.
He further said that in view of inflationary trend the limit of business expenditure section 40A (3) be increased from 20,000 to 50,000 and audit limit for business be increases from 1.00 Crore to 2.50 Crore whereas for professionals gross receipts limit be increases from 25 Lac to 60 Lac p.a.
Mr. Rupinder Kansal, Secretary (PTBA) from Moga said that In Indian Society some social responsibilities are regarded as Pious & Prominent Duties. On many occasions like marriage of sisters, cousins, construction of a house or any medical urgency in a family, there is a duty of all earning members of the family & near relatives to contribute some amount out his/her savings to accomplish such an urgency. Thus, in such type of cases, payments are practically made in cash.
Hence, keeping in view the reality, in such cases payments/receipts should be allowed up to 5 Lacs, subject to proof of payment. Thus by allowing payments in cash within blood relations/close relatives other will mitigate the genuine problems of Assesees/general public.
Further, the deputation members submitted that under section 44AA the limit for compulsory maintenance of books for business or profession be increased from 1.20 Lac to 5.00 Lac & sales, turnover or gross receipt from 10 Lacs to 25 Lacs annually.
Inder Sain Sharma, Co-Patron (PTBA) said that Income Tax Appellate Tribunal Chandigarh`s Camp Office also be held at Ludhiana being Central district of Punjab.
K.K. Singla, Vice President (PTBA) from Patiala said that As per recent instructions ofC.B.D.T., Local grievance committees are to be formed at the level of CCITs. These committees will hear petitions of Assesses who are aggrieved from high pitched Assessments & will grant relief where it think necessary. As, per instructions, these committees will consist of three members, all from Income Tax Department.
It is suggested that at least one member should be taken from Bar side, so that a healthy atmosphere may be provided to the aggrieved party.
Satish Dhingra, General Secretary (PTBA) from Fatehgarh Sahib said that The GST or the Goods and Service Tax is a long pending indirect tax reform which India has been waiting for and expected to be one of the most important tax reform in contributing to our economy. We sincerely hope that it helps in the growth of our country and wait for its implementation soon in the coming year.
Date:
Friday, December 25, 2015