National
Assoham wants tax deduction limit hiked to Rs.2.5 lakh
New Delhi:Industry chamber Assocham urged the government on Sunday to raise tax-exempted savings limit to Rs.2.5 lakh, from the current Rs.1.5 lakh, and re-introduce standard deductions for salaried employees to boost the domestic demand.
“Assocham has recommended to the government to increase the deduction for long term savings to Rs.2.5 lakh and re-introduce the concept of standard deductions for salaried employees who can then give a boost to consumption demand and boost economic growth,” the Associated Chambers of Commerce and Industry said in a statement here.
“In order to benefit the salaried employees, the standard deductions should be reintroduced as one-third of salary or Rs.200,000 whichever is less.”
In its pre-Budget memorandum to the finance ministry, the Assocham has suggested revision of the deduction of interest on housing loans to at least Rs.3 lakh from the existing Rs.2 lakh and a similar limit be set for principal loan repayment from the current Rs.1 lakh.
To benefit salaried employees, the chamber recommended that the leave encashment exemption limit for tax calculation should be raised to Rs.10 lakh.
“The current limit of Rs.3 lakh was notified by the Central Board of Direct Taxes way back in 1998 and needs to be raised substantially,” Assocham president Sunil Kanoria said.
The organisation has also sought re-fixing of the monetary limits under house rent (HRA) and transport allowance, as well as children’s education.
For salaried employees, transport allowance up to Rs.800 is at present exempt from tax per month, which limit should be raised to Rs.3,000 per month, it said.
Besides, it suggested that a provision may be made in the law that any expenditure incurred by an employee for education of under-privileged children by making payment directly to a recognised school should be allowed as deduction from salary income up to Rs.1,000 per month for maximum of two children.
Assocham also suggested a depreciation allowance for salaried tax-payers in line with professionals, saying the deduction of depreciation is allowed under the head Business and Profession. No tax benefit is accrued to the salaried employees when they add assets, even though the assets get depreciated when owned by an employee.
Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.
The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.
Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.
Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.
For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.
During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.
Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.
Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .
Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.
In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.
During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.
In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.
He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.
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