Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
Open DEMAT Account with in 24 Hrs and start investing now!
General »
Open DEMAT Account in 24 hrs
 Don't fall for fake notices! How to verify your income tax communication
 I decided to shift to the new tax regime. Will I lose benefit on interest income of my PPF account?
 Income Tax Return: How to prepare for hassle-free tax compliance? Here is a 10-point checklist
 Filing ITR On Your Own? Salaried Taxpayers Need To Know These Things
 New vs Old Tax Regime: How is one taxed under the New Regime and how to make a switch between the two regimes?
 New tax regime vs old tax regime: What's point at which tax outgo is the same in both regimes? Check salary and deduction levels
 Advance Tax Paid, Do You Still Need To File ITR? Check Details Here
 Centre seen to have met FY24 gross tax target
 6 income tax rules that salaried should know as financial year 2024-25 starts from today
 How to calculate income tax on stock market gains along with your salary?
 Moonlighting for Additional Income? Know Its Tax Implications

Concessional income tax rate in traders' list of demands for Modi govt
May, 28th 2019

After successfully campaigning for Prime Minister Narendra Modi in the Lok Sabha elections, the more than 60-million traders’ community is ready with its list of demands, including a concessional income tax rate, for the new government.

Seeking a meeting with Modi, trade leader Praveen Khandelwal said they would apprise him of core issues merchants faced and ask for promises be fulfilled in the next six months.

Apart from this, there are a few other demands.

The BJP, in a bid to woo traders, made promises in its manifesto, such as a pension scheme for shopkeepers and a merchant credit card on the lines of the Kisan credit card.

“We will remind the government of all the promises. We will press for a quick implementation of these schemes by including them in the upcoming Finance Bill in July,” said Khandelwal, secretary general, Confederation of All India Traders (CAIT).

In addition, Khandelwal said they would seek a concessional income-tax rate for traders. “Being the unsaid collector of taxes for the government, we will seek a special income tax rate for trading community. There is merit in our demand,” he added.

The CAIT had declared support for the BJP and its allies in the Lok Sabha election. It said the decision was taken after analysing the election manifestos of political parties. Besides, the CAIT will press for a single licence for traders.

“Currently, traders require many licences. There should be a single licence,” he said.

The BJP has promised Rs 50-lakh collateral-free credit to entrepreneurs. In addition, it has also talked about establishing a National Traders’ Welfare Board and a National Policy for Retail Trade. The ministry of commerce and industry last year proposed setting up a taskforce to formulate a policy for retail trade, pointing out that it was crucial for the Indian economy but should not sacrifice the interests of consumers.

Like the Kisan credit card, traders are looking forward to a merchant credit card, which will allow them instant credit of up to Rs 1 lakh from any bank. Traders registered under the goods and services tax (GST) have been promised accident insurance of Rs 10 lakh.

Besides, the CAIT is prep­aring comprehensive papers on the GST, foreign direct in­vestment in retail, e-comme­rce policy among others, to be presented to the government.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting