A delegation from Tamil Nadu Chamber of Commerce and Industry met Union Minister of State for Finance S.S. Palani Manickam and Dr Poonam Kishore Saxena, Chairman, Central Board of Direct Taxes, at New Delhi and submitted a pre-budget memorandum for consideration in the forthcoming Budget .

Some of the salient points mentioned in the memorandum are: the positive implementation of Goods and Services Tax (GST) from April 01, enhancement of the threshold limit for individual income tax from Rs 1,80,000 to Rs 3 lakh and the rate slabs finalised as 10 per cent for income with the maximum not exceeding 25 per cent, for senior citizen the limit to be raised to Rs 5 lakh, raising of the limit to be deemed as income and taxed paid otherwise than by account payee cheque to Rs 50,000 for all transactions, restriction of the scope of TDS to transactions that are settled, otherwise than by account payee cheque, increase in the TDS limit for deduction in case of interest income for senior citizens, raising of the Central Excise exemption limit for SSI units from Rs 4 crore to Rs 8 crore, excise duty exemption for partially mechanised safety matches, student note books, camphor tablets, ice-cream: extension of CENVAT credit on diesel purchase for use in generators for captive power generation, enhancement of the exemption limit of service tax to Rs 20 lakh to service receivers, raising of the limit for movement of goods for short distances from Service Tax, duty free import of coconut oil, etc.

(This article was published on February 10, 2013)
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