The Nagpur Vidarbha Chamber of Commerce (NVCC) is the top organization representing the 13 lakh traders in Vidarbha. It constantly serves as a link between the business community and the general public by working with both government and non-governmental organizations.
According to the report provided to the finance ministry by Chamber president Ashwin Agarwal (Mehadiya), the Chamber has been periodically presenting findings and suggestions to the government while keeping in mind the economic interests of the business community. The Ministry of Finance will announce the 2023–24 budget during the upcoming month of February. Therefore, the general population should receive the following assistance in the upcoming budget.
He claimed that the Chamber has long called for an increase in the exemption limit for all personal income tax provisions. The following relief should be provided in personal income tax for annual income, keeping in mind the interests of small and medium business owners and employed people:
Annual income up to Rs 5 lakh – Full exemption
Above Rs 5 lakh and up to Rs 10 lakh – 10%
Rs 10 to 20 lakh annual income – 20%
Income tax should be fixed at a rate of 3% for income beyond 20 lahks, and various income tax rates should be revised in accordance with the new provision U/s 115BAC. Additionally, it is suggested that the rates of the surcharge be changed and that under Section 87A, individual taxpayers receive an exemption for incomes up to Rs 5 lakh per year.
The NVCC requested that the Central Government and Union Finance Minister Nirmal Sitharam acknowledge that small and medium-sized businesses are a vital part of the economy and that they contribute significantly to the strength and success of the nation’s economy through raising tax revenue.
Therefore, relief for the general public and businessmen should be provided in the future Union Budget 2023–24, keeping in mind the aforementioned suggestions made by the Chamber.
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