The Live Nagpur
  • Nagpur City
  • Nagpur Education
  • Nagpur Sports
  • Business
  • Featured
  • Crime
  • Entertainment & Lifestyle
  • Health & Wellness
  • Nation
  • Politics
  • Trending
  • Vidarbha
  • Obituary

The Live Nagpur

  • Home
  • City
  • Politics
  • Business
  • Education
  • Entertainment
  • Sports
  • Health
  • Crime
  • Forest
  • Featured
  • Vidarbha
Business

NCCL Urges Union Finance Minister to Reduce Direct Tax Rates

by TLN Team January 20, 2021
written by TLN Team January 20, 2021
NCCL to Organise Annual Award Distribution Ceremony | The Live Nagpur

The Nagpur Chamber of Commerce Limited (NCCL) urged the Union Finance Minister to reduce the tax rate of direct taxes for all corporate and non-corporate entities (including LLPs & firms) to 25 per cent. The chamber also demanded that the maximum marginal rate for individuals should also be brought down to 25 per cent and the basic exemption limit be increased to Rs 5 lakh. For tax audit in case of partners of firms, the Chamber sought an amendment in section 44AB of the Income Tax Act, 1961 for the purpose of applying section 44AB in the hands of partners, the remuneration, interest and share of profit received from the firm shall not be taken into account while determining the amount of threshold limit.

Former President of the chamber Kailash Jogani said that a scheme similar to personal ledger account (PLA) in erstwhile Excise or as per current system i.e. Cash ledger system in GST should be inserted in the direct taxes, wherein the tax payer can adjust the same with Advance Tax, Self assessment tax or TDS. The taxpayer should be allowed to pay lump sum amount as per his convenience and later on due dates he must be allowed to set off the exact amount he needs to tender vide challan. At present  under Section 40A (3) the expenditure made in cash for amount exceeding Rs 10,000 is disallowed completely. But Jogani said that the excess of Rs 10,000 should only be disallowed. Section 71 of the Act provides with set off of loss arising under the head “Income from House Property” against any other head of income. As per section 71 it is restricted to set off the losses to the extent of Rs 2,00,000 against  another  head of income. The Nagpur Chamber of Commerce Limited further highlighted the need to reconsider high rate of tax U/s 115BBE; simplification and reduction in compliances for TDS and TCS; adjustment of undisputed refunds against TDS and tax liabilities; and gave suggestions with respect to compulsory filing of balance sheet / assets and liabilities. The chamber also demanded revision of limit of advance tax u/s. 208 and want simplification of penal provisions among other changes.

0 comment
FacebookTwitterLinkedin
TLN Team

previous post
Gorewada International Zoo named after Balasaheb Thackeray
next post
NOGS to launch helpline YUVA to help adolescents

You may also like

Aditya TATA Cars delivers 111 cars on Gudi Padwa

March 24, 2023

Concluding  Function “Unnati”: A Personal Growth and Skill Development...

March 24, 2023

DCM endorses VED’s concept of Tourism Complex in...

March 23, 2023

Session on Maharashtra Budget & Opportunities in Solar...

March 17, 2023

BCI allows foreign lawyers, law firms to practice...

March 16, 2023

VIA LEW celebrated International Women’s Day & felicitated...

March 15, 2023

VIA LEW celebrates International Women’s Day on March 15

March 13, 2023

Asian Scenario on Infrastructural Development: ASID2023

March 10, 2023

Mah economy expected to grow at 6.8% in...

March 9, 2023

Tax awareness program on ”Making march meaningful

March 8, 2023

Trending News

  • Asia Cup 2023 in Pakistan, England likely to host India’s matches

    March 24, 2023
  • Salman Khan receives threat on email from Bishnoi gang, FIR filed

    March 19, 2023
  • Leopard from Pakistan enters Indian territory, watch video

    March 19, 2023
  • New COVID protocol for cricketers ahead of IPL 2023

    March 19, 2023
  • COVID-19 pandemic likely to settle as seasonal flu : WHO

    March 19, 2023

Important Links

  • Politics
  • Crime
  • Business
  • Education
  • Entertainment
  • Sports

Available on Playstore & Coming Soon on Appstore

Search

January 2021
M T W T F S S
« Dec   Feb »
 123
45678910
11121314151617
18192021222324
25262728293031

Sign-Up Form

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

Footer Logo
  • Nagpur City
  • Nagpur Education
  • Nagpur Sports
  • Business
  • Featured
  • Crime
  • Entertainment & Lifestyle
  • Health & Wellness
  • Nation
  • Politics
  • Trending
  • Vidarbha
  • Obituary
  • Privacy Policy
  • Cookie Policy
  • Terms Of Use
  • Advertise with Us

© 2020 - The Live Nagpur . All Rights Reserved.