New Delhi, Automotive dealers' body FADA on Friday urged the government to introduce vehicle depreciation benefit for individual taxpayers, saying this will not only expand the taxpayer base but also increase demand for automobiles.
In its pre-Budget wish list, the Federation of Automobile Dealers Associations (FADA) also asked the Finance Ministry to reduce corporate tax for LLP, proprietorship and partnership firms.
"We urge the Finance Ministry to introduce the benefits of claiming depreciation on vehicles for individuals paying income tax," FADA President Manish Raj Singhania said in a statement.
He argued that allowing individuals to account for depreciation would not only increase the number of income tax filers but would also increase demand for automobiles.
Singhania also recommended corporate tax cuts for LLP, proprietorship and partnership firms.
"Although the government has already reduced corporate tax to 25 per cent for private limited companies with turnover up to Rs 400 crore, it is important to extend this benefit to all LLPs, proprietary and partnership firms, as most of the traders in the auto dealership community belong to this category. Fall into these categories," he said.
Singhania said, FADA strongly appeals to the government to consider these two key measures in the upcoming budget to stimulate the automotive industry and the broader economy.
Finance Minister Nirmala Sitharaman is scheduled to present the Union Budget for 2024-25 on July 23.
In its pre-Budget wish list, the Federation of Automobile Dealers Associations (FADA) also asked the Finance Ministry to reduce corporate tax for LLP, proprietorship and partnership firms.
"We urge the Finance Ministry to introduce the benefits of claiming depreciation on vehicles for individuals paying income tax," FADA President Manish Raj Singhania said in a statement.
He argued that allowing individuals to account for depreciation would not only increase the number of income tax filers but would also increase demand for automobiles.
Singhania also recommended corporate tax cuts for LLP, proprietorship and partnership firms.
"Although the government has already reduced corporate tax to 25 per cent for private limited companies with turnover up to Rs 400 crore, it is important to extend this benefit to all LLPs, proprietary and partnership firms, as most of the traders in the auto dealership community belong to this category. Fall into these categories," he said.
Singhania said, FADA strongly appeals to the government to consider these two key measures in the upcoming budget to stimulate the automotive industry and the broader economy.
Finance Minister Nirmala Sitharaman is scheduled to present the Union Budget for 2024-25 on July 23.
