Nagpur: Vidarbha Taxpayers Association (VTA) held its Executive Body Meeting on terrace following Covid protocols, which was chaired by its president Shrawankumar Malu on upcoming union budget for the year 2022-23 and also sent suggestions by memorandum to Narendra Modi – Prime Minister, Nirmala Sitharaman – Finance Minister and J. B. Mohapatra – Chairman, Central Board of Direct Taxes, New Delhi. At the outset, VTA president Shrawankumar Malu congratulated the union government for continued revenue growth through GST and as India grows revenue stronger with indirect taxes and suggested direct tax rates and slabs needs to amend suitably to bring more taxpayers on record. The threshold limit of income tax should be fixed at Rs. 4 Lakh, while tax slabs from 5-10 Lakhs be 10%, 10-20 be 15% while above 20 Lakh it should be 25%. Such a tax regime will help in developing tax culture in our country and shall promote true disclosure of income by all.VTA suggested that to encourage Corporate Social Responsibility (CSR) by the Corporate, it’s suggested that such spending is allowed as expenditure for the purpose of income tax.
