Ahead of budget, AAP traders wing demand reduction in taxes

Ahead of the annual Budget, the traders wing of the Aam Aadmi Party (AAP) today sought relief in taxes for smaller businesses.
In a letter to Union Finance Minister Arun Jaitley, AAP Traders Wing Convenor Brijesh Goyal demanded that those with an income of less than Rs 10 lakh should be given a waiver.
"Those with income between Rs 10-20 lakh per year should be taxed with 15 per cent, ones in income slab of Rs 20 to 40 lakh should be taxed 20 per cent. Above this, there should be a tax of 25 per cent," Goyal said.
He added that tax audit limit should be increased from Rs 1 crore to Rs 2.5 crore and cheap loans should be provided to small traders.

The traders wing also demanded reduction of service tax from 15 per cent to 12 per cent.
"To encourage digital transactions, Point of Sale (PoS) machines should be cheaper and Merchants Discount Rates (MDR) should be waived off completely," Goyal said.
He also demanded that tax on net profit of 8 per cent under the scheme of section of 44AD be bought down to 5 per cent.
The scheme of section 44AD is designed to give relief to small assessees engaged in any business.