Punjab Accountants Association hs requested Honourable Union Finance Minister, Ms. Nirmala Sitharaman to revise Income-tax Slab for the Financial Year 2020-21, Increase Cash transaction in a day to atleast Rs. 20,000 and to increase section 80C deduction limit to Rs. 2,00,000.
THE PUNJAB ACCOUNTANTS ASSOCIATION
OFFICE : R. K. ASSOCIATES, SEHDEV MARKET, JALANDHAR CITY
E-mail : [email protected], Mob : 98151-98051, 98153-23059
Ref. No : …………………………………………………………
Dated : 20th Jany, 2020
Ms. Nirmala Sitharaman,
Honourable Union Finance Minister,
Government of India,
New Delhi
Sub : HUMBLE SUGGESTIONS FOR UNION BUDGET FOR FY : 2020-21 (AY : 2021-22)
Hon’ble Ma’am,
We, on behalf of members of The Punjab Accountants Association, take the privilege to put before your honour some of our humble suggestions to be considered while presenting Union Budget for the Financial Year 2020-21 (Assessment Year 2021-22) as under :
1) The Exemption over Minimum Income may please be increased from Rs.2.50 lac to Rs.3.50. Moreover, as the Govt. has decreased Tax Slab for Corporate Sector from 30% to 22% and 25% to 15% for new manufacturing Companies (including Surcharge & Cess), then why not 25% for other than Corporate Sector, whereas there is a large number of Tax Payers from this Sector. We propose to introduce the Income-tax Slab for the Financial Year 2020-21 as follow :
| S. No. | Annual Income between | Rate of Income Tax |
| 1. | Income up to Rs.3,50,000 | – |
| 2. | Rs.3,50,001 to Rs.5,00,000 | 5% |
| 3. | Rs.5,00,001 to Rs.7,50,000 | 10% |
| 4. | Rs.7,50,001 to Rs.10,00,000 | 20% |
| 5. | Above Rs.10,00,001 | 25% |
Hon’ble Ma’am, by doing this, we are sure, it will help in increasing recovery of Indirect Taxes, like GST etc., theft of taxes will stop to some extent and ultimately it will help in increasing GDP and nation building.
2) Cash transaction in a day must be allowed atleast Rs. 20,000/-, as in these days of currency inflation, Rs.10,000/- has no value.
3) Deduction U/S 80C must be increased from Rs.1.50 lac to Rs. 2.00 lac in the interest of general tax payers.
Hon’ble Ma’am, by implementing our suggestions, we, the Professional Accountants, well acquainted with the ground realities, humbly assure your that by increasing purchasing power of general public, GDP of the nation will surely increase, GST collection (as targeted to Rs.1.25 Cr. per month) will surely increase.
for The Punjab Accountants Association
(Dharminder Sikka)
President
(Varinder K. Sharma)
General Secretary
