Industry & Economy
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Income Tax
Assocham wants I-T exemption limit raised to Rs 1 lakh
Our Bureau
Mr Mahendra K. Sanghi (left), President, Assocham, and Mr D.S. Rawat, Acting Secretary-General, at a press conference in Chennai on Friday. — Bijoy Ghosh
Chennai
,
June 18
THE Associated Chambers of Commerce and Industry of India (Assocham), in its pre-Budget memorandum, has called for raising the basic exemption limit in personal income-tax to Rs 1 lakh from Rs 65,000.
The Chamber has suggested that the interest rate for valuation of interest-free loan perks should be equivalent to the bank rate (6 per cent). Reimbursement of medical expenses by the employer should be tax-free up to Rs 50,000 (Rs 15,000).
At a press conference here on Friday, the President of Assocham, Mr Mahendra K. Sanghi, said that there were options before the Finance Minister to raise money for public investment.
He mentioned three sources namely disinvestment, reducing subsidies and reducing Government expenditure.
Mr Sanghi wanted the process of disinvestment to continue. He also called for land reforms, allowing the corporate sector to get into agriculture, water and power reforms.
Land, water and power reforms would transform the rural economy, he said.
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