The Hindu Business Line : TN chamber calls for ‘assessee-friendly’ I-T Act

A delegation of the Chamber comprising its Senior President, Mr S. Rethinavelu; the President, Mr S. Jeyabalan; the Secretary, Mr N. Jegatheesan and the former MP, Mr A.G.S. Rambabu, met the Union Minister of State for Finance, Mr S.S. Palamimanickam; the Finance Secretary, Mr Ashok Chawla; and the Revenue Secretary, Mr P.V.Bhide, in New Delhi last week and submitted a pre-Budget memorandum, calling for an ‘assessee-friendly Income-Tax Act’.

It said the complex procedures involving different due dates for making payment and filing of various returns were not comprehensible to many assessees. All surcharges and cess should be scrapped and apportionment of funds should be made from tax revenue. The maximum rate of income-tax for individuals, firms and corporates should not be more than 20 per cent. The Fringe Benefit Tax should be abolished , it said.

The other demands included an enhancement in excise duty exemption limit for SSIs to Rs 3 crore, retaining excise rate at 8 per cent for two more years, reduction in service tax rate to 8 per cent, withdrawal of service tax on goods and transport agency, declaration of Madurai airport as Customs Airport, introduction of international operations at Madurai airport, withdrawal of Central Sales Tax and introduction of Goods and Service Tax (GST) as scheduled.

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