Chamber presents wish list on tax reforms to FM

Tamilnadu Chamber of Commerce and Industry has appealed to the Centre to undertake tax reforms including increase of individual income tax slabs and annual turnover limit for mandatory tax audit for non-corporate entities.

In a memorandum submitted to Union Finance Minister Pranab Mukherjee, chamber President N Jegatheesan sought increasing the I-T rates to Rs.2.5 lakh for men and Rs 3 lakh for women and Rs 4 lakh for senior citizens.

The memorandum said tax reforms would substantially bring out tax evasion,and avert a setback to the economy due to sustained generation of unaccounted money and proliferate investments in trade and Industry there by ensuirng considerable flow of tax revenue.

The chamber urged enhancing the annual turnover limit for mandatory tax audit for non-corporate entities under Sec44AB of Income tax from the present Rs 60 lakh to Rs 2 crore. The annual turnover exemption limit for central excise levy for small scale industries sector should be increased from Rs 1.5 crore to Rs 3 crore.

He also urged concession for semi-mechanised match units as they provided jobs for many people unlike fully mechanised units. The chambers also wanted exemption from paying service tax for the service provided by them.