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The country's general budget 2024 is going to be presented and on July 23, 2024, Finance Minister Nirmala Sitharaman will deliver the budget speech in Parliament. Like every time, this time too, the common man and the elite have high expectations from the Union Budget. CTI has sent a letter to the Finance Minister with its 10 demands. In which other demands have been made including changing the name of income tax and giving relief to the middle class and small businessmen.
Suggestion of this new name of income tax
This was done through a letter sent by the Chamber of Trade Industry (CTI) to Finance Minister Nirmala Sitharaman. The most important demand is related to income tax. Actually, CTI has said that the name of income tax should be changed to 'Rashtra Nirman Sahayog Nidhi'. The letter states that if this name is retained, people's sentiments regarding income tax will be affected and people will be motivated to pay more tax. Apart from this, talking about another demand, CTI has said that the new rule of paying income tax within 45 days is causing trouble to crores of traders and MSME traders, so it should be withdrawn.
Demand to increase tax exemption limit
If we look at the other demands included in the letter written to the Finance Minister, CTI has demanded relief to the middle class in this budget. It has been said that the concern of the middle class is that for the last 9 years the income tax exemption limit is only Rs 2.5 lakh, it should be increased to Rs 7 lakh. This will benefit crores of middle class taxpayers. Apart from this, CTI has demanded that old taxpayers should get old age benefits on the basis of their taxes.
Business loans are available at affordable rates
In its other demands, the Chamber of Trade Industry has demanded loans at low interest rates. The letter said that corporates and big companies get bank loans at cheap interest rates, but under the Mudra scheme being run by the Central Government for the middle class and small traders, they will have to pay CTI interest.
Budget 2024: There may be big changes in income tax!
- CTI wrote a letter to Finance Minister Nirmala Sitharaman
- CTI demands relief for middle class
- Demand for relief to middle class and small businessmen
- Presentation for renaming income tax
- Want to name the income tax as 'Rashtra Nirman Sahayog Nidhi'
- There may be a change in the new rules for filing income tax
- Demand to increase tax exemption limit
- Ask to increase it from Rs 2.5 lakh to Rs 7 lakh
- Ask taxpayers to get old age benefits based on income tax
- There should be a hybrid system in income tax like GST
- Formation of Trade and Industry Development Board for traders and entrepreneurs
- Demand to rationalize GST rates in the budget
