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
Nation

In the next Union Budget for 2023–2024, the NVCC demands relief for small and medium-sized traders

by TLN Team January 20, 2023January 20, 2023
written by TLN Team January 20, 2023January 20, 2023
In the next Union Budget for 2023–2024, the NVCC demands relief for small and medium-sized traders

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.

0 comment
FacebookTwitterLinkedin
TLN Team

previous post
Sony redefines standard Zoom lens with launch of ultra-wide FE 20-70mm F4 G
next post
Anant Ambani and Radhika Merchant’s wedding: A family performance and a surprise ring bearer under the stars

You may also like

U-19 Women’s World Cup: India defeats England by...

January 29, 2023

By the end of June, all Maharashtra government...

January 29, 2023

All match officials appointed are female

January 29, 2023

Passenger tries to open flight’s emergency door, on...

January 29, 2023

Mother of Rakhi Sawant, Jaya Sawant, passes away...

January 28, 2023

A viral image of trash inside the Vande...

January 28, 2023

Two Indian Air Force fighter jets crashed in...

January 28, 2023

The teacher MLC polls campaign ends today

January 28, 2023

Jalgaon: A 3.3 magnitude earthquake strikes the Bhusawal...

January 27, 2023

Honour killing: Father and brother in Maha strangle...

January 27, 2023

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

Trending News

  • Watch spectators tease Shubham Gill ‘Hamari Bhabhi Kaisi Ho, Sara Bhabhi Jaisi Ho,’ During IND vs NZ 3rd ODI 2023 in Indore

    January 25, 2023
  • New rule for social media influencers, check below

    January 20, 2023
  • Ind vs NZ: Shubman Gill becomes youngest player to hit ODI double century

    January 18, 2023
  • 91 companies lays off more than 24,000 tech employees 

    January 16, 2023
  • Video of Indian shouting minutes before Nepal Plane crash

    January 16, 2023

Important Links

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

Available on Playstore & Coming Soon on Appstore

Search

January 2023
M T W T F S S
« Dec    
 1
2345678
9101112131415
16171819202122
23242526272829
3031  

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.