Chennai, Jan 18 (UNI) Sindhi Chamber of Commerce today urged the Union Finance Minister P Chidambaram to introduce a common market for the free movement of materials without any restrictions.
In a memorandum to the Union Finance Minister, with a copy to the media here, the Chamber had suggested few points to be included in the forthcoming budget, including abolition of all check posts, to scrap any more form other than the invoice with the material and to abolish Form 'C' insisted upon for Interstate.
The Chamber also urged the Ministry to scrap surcharge on direct taxes, removal of fringe benefit tax, restoring standard deduction of salary income, depreciation on plant and machinery could be increased to 25 per cent considering the high risk of its becoming obsolete with the fast changing times.
It also requested the Centre to reduce the slab of corporate taxes for smaller companies as these would help the business to move from the partnership culture to corporate culture.
On filing the tax returns, the Chamber urged the Centre to bring back the 'SARAL' form atleast for individual and small business, which would help in making their lives easy and also save them the unnessary need for Consultants.
UNI SNR KVV 1905