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Business EconomyPosted at: Jan 29 2025 6:51PM


FTCCI submits pre-budget memorandum on direct taxes 2025-26

Hyderabad, Jan 29 (UNI) The Federation of Telangana Chambers of Commerce and Industry (FTCCI) has submitted its Pre-Budget Memorandum 2025-26, outlining various recommendations related to trade, industry, and salaried employees.

Considering the rising cost of essential needs, FTCCI has recommended a reduction in tax rates and an income tax rebate for individuals earning up to Rs 9 lakh, a long-pending demand.

Regarding allowances and deductions, the organization has suggested including home loan EMI payments under HRA exemptions and increasing the deduction limits under Sections 80C and 80D in recognition of the growing importance of life and health insurance and the rising cost of premiums.

Given India's position as the global leader in digital transactions, FTCCI has also urged the government to increase the savings interest exemption limit under Section 80TTA to promote digital money usage.

For trade and industry, FTCCI has proposed allowing CSR expenditure deductions under Section 37 and reducing the tax rate on unexplained income under Sections 68, 69, 69A, 69B, 69C, and 69D, provided it is voluntarily disclosed in the tax return before detection by the department.

It has also recommended that the cost of acquisition for land or building be considered as the stamp duty value under Section 45(5A), along with a reduction in TDS on the purchase of goods.

The memorandum calls for greater consideration for disclosed incomes in best judgment assessments and filtering Section 148 notices to NRIs, given the non-taxability of their foreign income.

FTCCI has urged the government to extend additional benefits and tax incentives for life-saving equipment to make healthcare more affordable. It also recommended removing customs duty exemptions on certain imported components, including bulk drugs for insulin production, raw materials for lab-grown diamonds, plastics for optical fiber production, LED and LCD TV panel parts, and equipment for coal mining and power generation.

Instead, FTCCI suggested restructuring tariff rates to support domestic manufacturing and boost exports in line with the “Make in India” and “Aatmanirbhar Bharat” initiatives, while also keeping in view India's commitment to achieving net-zero emissions by 2070, according to FTCCI statement here on Wednesday.

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