Industry & Economy
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Budget
SSI body opposes tax on cash withdrawals
Our Bureau
Bangalore
,
March 1
THE Karnataka Small Scale Industries Association (KASSIA) has opposed the levy of 0.1 per cent tax on cash withdrawals from banks exceeding Rs 10,000 in a day.
The move was "ill-conceived without proper research work," said the Bangalore Chamber of Industry and Commerce (BCIC). The anti-avoidance move would make it difficult for compliance and alsobe tedious for banks. KASSIA has urged the Union Finance Minister to re-consider the proposal and come out with a better measure to curb tax avoidance.
KASSIA has asked for the proposed ceiling of Rs 4 lakh for service tax exemption to be raised to Rs 25 lakh. It is disappointed that the highest income tax rate has not been reduced to 20 per cent and has also criticised the removal of the standard deduction facility for income tax payees.
While describing the Budget to be growth-oriented in general, BCIC has also expressed its disappointment over the lack of a clear road map for tax reforms. It has welcomed the creation of special purpose vehicle for specific infrastructure projects and said this would provide seed capital and quicken the implementation process.
Mr Vinay Deshpande, Chairman and CEO of Encore Software, said that choosing Indian Institute of Science (IISc), Bangalore, for world-class up-gradation was an excellent move.
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