Union Budget 2023 Demands: Middle class and small traders get relief, CTI writes letter to Finance Minister
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New Delhi : The Chamber of Trade and Industry (CTI), a Delhi-based traders association, has demanded relief for middle class and small businessmen from Union Finance Minister Nirmala Sitharaman as part of its pre-budget recommendations. For this, a letter has been written by CTI to Union Finance Minister Nirmala Sitharaman. In the letter written to the Finance Minister, it has been said that all sectors need relief from the government in the budget. Especially, the middle class and 20 lakh traders of Delhi have not got any relief in the budget in the last eight years. Everyone is hopeful that they will definitely get some relief from this budget.
The budget process started from 10 October 2022
Let us tell you that Finance Minister Nirmala Sitharaman will present the Union Budget for the financial year 2023-24 in the Lok Sabha on February 1. Like the last two Union Budgets, this year’s budget will also be paperless. The formal exercise of preparing the annual budget for the next financial year was started on 10 October.
Tax relief for senior citizens
CTI President Brijesh Goyal said that the senior citizens of the country should get the benefit of tax exemption in view of their old age. The CTI release said that taxpayers should get social security and retirement benefits in their old age on the basis of income tax paid during the previous years.
old payment limit restored
Apart from this, CTI has recommended the government to restore the old limit of cash payments for ease of doing business. The traders’ association said that the cash transaction limit has not increased for the last 20 years. The cash payment limit was reduced from Rs 20,000 to Rs 10,000 six years ago to promote digital transactions. The limit of Rs 20 thousand was running for 22 years.
Affordable loans for middle class people
Along with this, the CIT said cash payment to any person in excess of Rs 10,000 in a day will not be allowable as deduction in computing income under Section 40A of the Income Tax Act. Apart from these things, the traders’ association has demanded affordable loans for the middle class, separate schemes and packages to boost the manufacturing sector and the Make in India initiative and an export hub to boost trade.
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