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<ul class="summary-list"><li>Senate Democratic Whip <keyword id="192893" type="PERSON" weightage="60" keywordseo="Dick-Durbin">Dick Durbin</keyword> and Rep. <keyword id="9842650" type="UNKNOWN" weightage="60" keywordseo="cindy-axne">Cindy Axne</keyword> of Iowa introduced legislation on Tuesday to remove taxes on up to $10,200 in <keyword id="6358907" type="UNKNOWN" weightage="60" keywordseo="unemployment">unemployment</keyword> aid.</li><li>People who receive both federal and state <keyword id="414451" type="PERSON" weightage="60" keywordseo="unemployment-benefits">unemployment benefits</keyword> will be eligible for <keyword id="6623638" type="UNKNOWN" weightage="60" keywordseo="tax-relief">tax relief</keyword>.</li><li>Tax exemptions are not included in President Joe <keyword id="60973" type="PERSON" weightage="60" keywordseo="Biden">Biden</keyword>'s stimulus plan, though the proposal calls for extended unemployment benefits.</li></ul>Senate Democratic Whip Dick Durbin and Rep. Cindy Axne of Iowa introduced legislation on Tuesday to remove taxes on up to $10,200 in unemployment aid for the 2020 tax filing.As part of the ongoing efforts in Congress to provide pandemic relief to Americans, Durbin and Axne's legislation, The Coronavirus Unemployment Benefits Tax Relief Act, would waive federal income taxes for the first $10,200 of unemployment benefits received in 2020. Both people who received benefits through federal unemployment programs and state unemployment programs would receive the exemption, according to a <a href="https://www.durbin.senate.gov/newsroom/press-releases/durbin-axne-introduce-legislation-to-provide-tax-relief-for-unemployed-americans">news release. </a>"Families across the country are struggling to keep a roof over their head, food on the table, and to pay for health care and other necessities," Durbin said in a statement. "As we grapple with the economic pain of this pandemic, the bill I'm introducing today with Rep. Axne would provide tax relief to unemployed Americans so they can spend their benefits supporting their families and their communities."The CARES Act that was passed in March 2020 provided $600 in unemployment benefits through the end of July, and the tax relief in this bill would cover 17 weeks of that $600 benefit.Although President Joe Biden called to <a href="https://www.businessinsider.com/biden-address-high-unemployment-rates-through-series-of-aid-measures-2021-1">extend unemployment benefits</a> through the end of September, tax relief is not included in his proposal, so it is unclear whether Durbin and Axne's legislation will fall into a stimulus relief package.

Democratic lawmakers introduce legislation to remove taxes on up to $10,200 in unemployment aid

Mumbai, Mar 25 () Taxation experts have welcomed the measures announced by the government, saying these steps will add up to 2-3 per cent of GDP but will go a long way in addressing the issue of liquidity and deferment of payment obligations.The government on Tuesday came out with a slew of relaxation in tax and payment compliances by reducing the quantum of penalties, extending the deadline to make clear the dues among others to help the public and corporates.Some of the key measures include extension of tax filing/returns and accordingly all tax due arising between March 20, 2020 and June 29, 2020 now stand extended to June 30, 2020. This is across income tax and GST, and would apply to all return filings, replies/appeal filings, and other compliance documents. For delayed payments, interest rates have been reduced to 9 per cent under both income tax and GST.Welcoming the measures, Deloitte said these measures will help ease the compliance pressure on businesses and individuals and provide necessary relief to critical sectors in view of the Covid outbreak. Many analysts have said the lockdowns will shave off as much as Rs 9 lakh crore of the GDP.Gokul Chaudhri of Deloitte India said, "These steps will certainly give a lot of confidence to corporates and different sectors of the economy. The relief measures and easing of compliance deadlines will enable businesses to sustain themselves in the current atmosphere and is likely to have a positive impact on economic activities and more importantly remove uncertainty in the system."From the tax point of view, the reliefs like tax breaks, accelerated depreciation, reliefs on payrolls, payments-weighted deduction, relief on contribution to PF will add up to 2-3 percent of GDP, which is much needed to help address the issue of liquidity and deferment of payment obligations," he said.The move to ensure 24/7 trade facilitation at ports through the customs will not only promote ease of doing business but also ensure smooth flow of trade, he added.Jiger Saiya, partner and leader for tax and regulatory services at BDO India, said the extension to the Vivad Se Vishwas scheme will go a long way in making the entire scheme a success as in the original form it was an impossibility to attain the objective."With the extension, taxmen will now have time to clarify more aspects and taxpayers will have reasonable time to evaluate and seek settlement of tax disputes, under the scheme," Saiya said.Veena Sivaramakrishnan of Shardul Amarchand Mangaldas &amp; Co said the tax measures are a step in the right direction and indicate more such practical measures to come in the future.KPMG India's Rajeev Dimri said the various tax reliefs announced by the finance minister would provide the much needed succor to all in these unprecedented times.Naveen Aggarwal of KPMG said extension of the deadline under Vivad Se Vishwas from March 31 to June 30 without paying additional tax of 10 per cent is a welcome move and is in line with the representations made by taxpayers and industry forums. This would help companies save for possible financial difficulties faced by companies in this crises.On the IBC changes, Manish Aggarwal of KPMG said changing the operative sections of the IBC will help avoid large scale insolvencies.The government also needs to consider sector specific measures to address the cash flow &amp; liquidity enhancement measures to help businesses withstand this period. Stopping the process towards insolvency is necessary but not a sufficient condition to address fundamental issues facing the businesses now.Rajesh Narain Gupta, managing partner of SNG &amp; Partners the measures announced will lead to a positive direction and will give a boost to trade and commerce. BEN MR

Covid-driven tax reliefs to cost govt 2-3% of GDP

The <keyword id="6360189" type="COMPANY" weightage="100" keywordseo="Union-Budget">Union Budget</keyword> for 2016 has been presented, and amidst a lot of other things, the common man has been cheered with an increased relief in tax to make up for the rent. 
 Finance Minister Arun Jaitley announced a bigger <keyword id="6623638" type="UNKNOWN" weightage="100" keywordseo="tax-relief">tax relief</keyword> on House Rent Allowance (HRA), from 24,000 per annum to Rs 60,000 per annum if the taxpayer is not having a home of his own and doesn’t get HRA from the employer. 
 
Also, people earning up to Rs 5 lakh a year will now get a tax relief of Rs 5,000, as compared to Rs 2,000 previously. 
 
While starting his speech, Jaitley stressed that despite slow global economy, the Indian economy had held its ground, because of which World Economic Forum (WEF) and International Monetary Fund (IMF) had hailed India as a bright spot.

Budget 2016: No home or HRA? It’s time to take some tax relief on rent

New Delhi, May 25 () Pummeled by evaporating demand and fall in business due to the lockdown, city gas operators such as Adani Gas, GAIL and Torrent Gas have sought tax relief and loan restructuring to tide over difficult times. Natrual Gas Society (NGS), which represents CNG and piped natural gas retailers in the country, has written to the Oil Secretary Tarun Kapoor seeking government support in expansion of the city gas distribution (CGD) business and the share of natural gas in the country's energy basket. "The CGD sector has been among the worst hit during the current lockdown with consumption reduced by over 80 per cent and now, the further extension of the lockdown, this will only bring additional hardship to the industry," it wrote. Barring supply of piped natural gas to households kitchens, all segments under the CGD have shown a sharp fall in gas offtake. "With falling demand, majority of the CGD entities are facing steep fall in revenue and margins and cash flow problems which could impact the ability to maintain the required investment/capex," it said. Slowdown in the overall economic activity, it said, can be a dampener for infrastructure capex plans especially under the newly awarded city gas licenses. The association sought exemption of the CGD sector from excise duty (14 per cent) and a deferment of statutory tax compliances at least till September-December, 2020. "Banks may be asked to restructure the loans and provide a moratorium on interest payments for at least another six months to help the sector to recover quickly," it wrote. NGS wanted government-priced controlled gas to be allocated to CGD operators. "Government should direct gas suppliers and transporters to bill CGD entities only for the quantities they consumed at normal prices / rates without any additional charges like excess gas, take-or-pay, imbalance etc," it said. The association sought waiver of penalty for not making committed investment in a city gas area. "It is proposed that a deferment of at least 24 months in minimum work programme (MWP) be allowed post lockdown period and till the restoration of normalcy period in the industrial activities." To help generate finances for investment and ease the financial stress being faced by the CGD entities, the Ministry of Petroleum and Natural Gas may consider financial assistance to the sector, it said, adding this could be through creation of a special fund. This could be through funding from the Oil Industry Development Board (OIDB) and the oil regulator PNGRB reserve. ANZ BAL BAL

City gas operators seek tax relief, loan restructuring to deal with lockdown impact

New Delhi, Feb 3 () Home buyers association FPCE on Monday said the Budget has not provided any major tax incentives for flat owners stuck in stalled housing projects as well as prospective customers to revive confidence in the property market.
 There was no relief for existing home buyers who are stuck in stalled projects and are paying both rent and EMI on their home loans, said Abhay Upadhyay, president of Forum for People's Collective Efforts (FPCE), earlier known as Fight For RERA.
 "Real estate sector is yet to reach anywhere near its past high despite all tax sops provided in previous year's Budget. This is partly because tax sops have failed to infuse confidence in the sector and also because many of the tax benefits provided remains on paper only," he said.
 There was expectations that the Budget would separately provide deduction for principal repayment on home loan, which currently is part of Rs 1.5 lakh allowed under Section 80C, Upadhyay said.
 "To infuse confidence in the sector, it was also expected that some tax relief would be provided to those home buyers of delayed projects who are paying both EMI and rent. Unfortunately, no such concessions were announced in the Budget 2020 which may further delay much needed recovery in the sector," he said.
 Last year, the Centre had created a Rs 25,000 crore fund for completion of stalled housing projects, comprising of about 4.5 lakh units. FPCE had been demanding creation of Rs 10,000 crore stress fund.
 Real estate developers' apex bodies CREDAI and Naredco have also expressed disappointment over the Budget as their demand of one-time restructuring of builders' loan was not met.
 However, many realty firms welcomed the government's decision to extend tax incentives provided for increasing demand and supply for affordable housing segment.
 "Notable developments in infrastructure, rural logistics, education and healthcare sectors will create opportunities in real estate space. The policy on data centers was a key highlight and will make it a sunrise sector in India. Major announcements for the housing sector were expected, and barring the extension on both the tax holidays and the time period for availing interest deductions in affordable housing, the highlights on Indian realty was relatively mute," Cushman &amp; Wakefield country head and MD- India, Anshul Jain said.
 RICS South Asia MD Nimish Gupta said the Budget should have created a formal structure around rental housing and encouraged home buying by increasing tax exemption for housing loan repayments.
 Among developers, Supertech Chairman R K Arora said the government's decision to extend additional Rs 1.5 lakh deduction for interest paid on affordable housing loan to March 2021 is good for the sector.
 Omaxe CEO Mohit Goel said: "Liquidity and availability of finance is the biggest issue confronting the real sector today. In this context, the assurance given by the FM that NBFCs (Non-Banking Financial Companies) and HFCs (Housing Finance Companies) will not face any liquidity crunch will help calm nerves for sure."
 Ashiana Housing Joint MD Ankur Gupta said the middle income and affordable housing segment will get a boost.
 Chintels MD Prashant Solomon said, "Affordable housing segment has got a boost with the FM proposing to extend the tax holiday by one more year. However, the Budget leaves much to be desired for the real estate segment."
 Sunny Kataria, VP-Real Estate, OLX India said, "There were many expectations from the union budget in 2020 for residential real estate. While the government has furthered its commitment to the affordable housing, many issues remain unresolved."
 Bhutani Infra CEO Ashish Bhutani said that the focus on infrastructure and economic growth in the budget will lead to more activity at the commercial segment as the demand for offices will grow.
 Gera Developments MD Rohit Gera said, "The move to provide more money in the hands of the tax payers and elimination of the dividend distribution tax are welcome steps but rationalisation of direct tax structures over the period has not provided the necessary stimulus needed to boost the real estate. The sector will see a slow recovery with more pain for many home buyers and developers."
 Property brokerage firm Realistic Realtors Chairman Harinder Singh was unhappy that not much has been done to increase housing demand.
 Migsun group MD Yash Miglani said the Budget has focussed on increasing overall economic growth.
 Co-working firm Skootr founder Ankit Jain said, "Setting up an investment clearance cell and a digital portal aimed at offering assistance to emerging entrepreneurs reflects the government's proactive measures in further enhancing the entrepreneurial spirit."
 AlphaCorp CFO Santosh Agarwal and Mapso Director Rahul Singla hailed extension of tax sops on affordable housing. MJH RVK

No tax relief for home buyers stuck in stalled projects, says apex body FPCE

<ul class="summary-list"><li>The House has passed a bill to bolster the child tax credit and offer businesses tax relief. </li><li>The legislation, a rare bipartisan effort, could lift hundreds of thousands of kids out of poverty.</li></ul>The House just passed a bill to <a target="_blank" href="https://www.businessinsider.com/child-tax-credit-trump-breaks-might-come-back-wyden-cuts-2024-1">expand the child tax credit</a>, bringing the relief one step closer to parents. On Wednesday night, the House passed the Tax Relief for American Families and Workers Act of 2024 by a vote 357-70, which aims to boost the child tax credit, implement low-income housing credits and disaster relief, and give businesses an R&amp;D tax break, among other things.The bill won bipartisan support, with an endorsement from Speaker of the House Mike Johnson, who <a target="_blank" href="https://www.cbsnews.com/news/house-vote-tax-bill-child-tax-credit-business/">said in a Wednesday statement</a> that it's "important bipartisan legislation to revive conservative pro-growth tax reform.""This bottom-up process is a good example of how Congress is supposed to make law," he said.The legislation — a rare bipartisan feat — would both boost the child tax credit and offer GOP-friendly tax relief for businesses that invest in research and development, among other measures.The refundable child tax credit would be increased from $1,600 a child to $1,800 in 2023 and would rise to $2,000 by 2025. In the first year of the legislation alone, the left-leaning <a target="_blank" href="https://www.cbpp.org/research/federal-tax/about-16-million-children-in-low-income-families-would-gain-in-first-year-of#about-16-million-children-in-cbpp-anchor">Center on Budget and Policy Priorities estimates</a> it would lift up to 400,000 kids out of poverty; by the time it's fully in effect, half a million children would rise above the poverty line.Households set to benefit from the proposal would see their 2023 tax bills cut by $680, according to an <a target="_blank" href="https://www.taxpolicycenter.org/taxvox/bipartisan-ctc-framework-would-help-lowest-income-quintiles">estimate from the Tax Policy Center</a>, with a little over half of the lowest-earning households seeing a tax break.The White House has also urged Congress to pass the legislation to get the tax relief to American families as soon as possible. White House Press Secretary Karine Jean-Pierre said during a press conference last week that the legislation is "a welcome step forward, and we believe Congress should pass it.""This is for millions of families," Jean-Pierre said. "It's going to lift hundreds of thousands of children out of poverty and support construction of hundreds of thousands of affordable rental housing, as well, in that bipartisan agreement."The legislation didn't pass without conservative pushback. Some GOP lawmakers were upset with the expansion of the child tax credit, along with the advancement of the tax package while other conservative priorities remained stalled."I'm sick of these gutless cowards in Washington. You know what we're gonna put on the floor next week?" GOP Rep. Chip Roy <a target="_blank" href="https://thehill.com/homenews/house/4430555-bipartisan-tax-deal-coservative-moderate-pushback/">told</a> Fox radio host Jimmy Failla on last week. "A tax cut bill for corporations, because Republicans are whores for endless wars and corporations. That's it. That's what they stand for."The bill now heads to the Senate for a likely passage.

The House passes a bill to give parents a boosted child tax credit and businesses tax relief

<ul><li>Congressional leaders are looking into emergency measures to blunt the economic pain of the coronavirus.</li><li>Current proposals range from tax deferments to the expansion of paid sick leave. </li><li>The proposals have become the latest sign of growing concern in Washington as the respiratory illness COVID-19 spreads. </li><li><a href="https://www.businessinsider.com/?hprecirc-bullet" target="_blank" rel="noopener">Visit Business Insider's homepage for more stories</a>.</li></ul>Congressional leaders are looking into emergency measures to blunt the economic pain of the coronavirus, with proposals ranging from tax deferments to the expansion of paid sick leave. Michael Zona, a spokesperson for the Senate Finance Committee, said Monday afternoon that its Republican chairman "is exploring the possibility of targeted tax-relief measures that could provide a timely and effective response to the coronavirus.""Several options within the committee's jurisdiction are being considered as we learn more about the effects on specific industries and the overall economy," Zona said in an email to Business Insider.The announcement was the latest sign of growing economic concern in Washington as the respiratory illness COVID-19 spreads. Economists have dimmed growth forecasts for the largest economy in recent days, prompting emergency action from the Federal Reserve and sending financial markets reeling. The number of confirmed cases in the US has risen sharply in recent days to above 500, adding to a wave of costly restrictions on travel and business activity. Global supply chains have also been upended, with more than 109,500 <a href="https://www.who.int/docs/default-source/coronaviruse/situation-reports/20200309-sitrep-49-covid-19.pdf?sfvrsn=70dabe61_2">sickened globally</a>. The Trump administration is also holding discussions on a plan to address the economic impacts of COVID-19, according to a senior administration official, even as the president publicly downplays the outbreak. The White House press office declined to comment on ongoing policy deliberations. Over the weekend, Democratic leaders <a href="https://markets.businessinsider.com/news/stocks/democrats-trump-coronavirus-economic-package-paid-sick-leave-demand-pelosi-2020-3-1028976975">pressed</a> for a policy that would expand paid sick leave and other protections for workers who were stuck at home during the outbreak."In light of reports that the Trump administration is considering new tax cuts for major corporations impacted by the coronavirus, we are demanding that the administration prioritize the health and safety of American workers and their families over corporate interests," Senate Democratic Leader Chuck Schumer and House Speaker Nancy Pelosi said in a joint statement. Contact this reporter at gheeb@businessinsider.com.

Congress eyes tax relief and paid sick leave for Americans as coronavirus hits US economy

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Chip Somodevilla / Getty Images</div></div></div><ul><li>Ivanka Trump is leading the White House's effort to promote an expansion of the child tax credit. </li><li>But the GOP tax reform plan released Thursday falls short of her proposals.</li><li>Meanwhile, Democrats and tax policy experts are critical of both the House plan and Ivanka's proposal, which she's made in conjunction with some GOP lawmakers.</li></ul> Over the past several months, Ivanka Trump, the president's eldest daughter and a top White House adviser, has been working largely behind the scenes to shepherd an expanded Child Tax Credit into the <a href="http://www.businessinsider.com/trump-gop-tax-reform-plan-bill-text-details-rate-2017-10">GOP's tax reform plan</a>.But she has met resistance from the Republican Party, which, as part of the <a href="https://waysandmeansforms.house.gov/uploadedfiles/bill_text.pdf">House's tax overhaul plan</a> unveiled on Thursday morning, proposed a much more modest expansion of the credit than that Ivanka has been pushing for.The policy as it stands today provides relief to working parents by giving them a non-refundable tax credit of up to $1,000 annually, and it has had bipartisan support since it became law in 1997.But Democrats and some Republicans, including Ivanka, agree that an expansion is key to helping middle and working class families whose wages have stagnated and child-care costs have spiked in recent years.The House plan, which proposes a $1,600 tax credit per child and a $300 credit per parent or non-child dependent until 2023, falls short of Ivanka's goal and doesn't come close to satisfying Democrats. But Ivanka's position has evolved since the Trump campaign released its original child care proposals, which involved making child-care costs tax deductible and was <a href="https://www.taxpolicycenter.org/sites/default/files/publication/138781/2001170-who-benefits-from-president-trumps-child-care-proposals.pdf">widely criticized for benefiting higher-income families</a> vastly more than low-income ones.Elaine Maag, a senior research associate at the Tax Policy Center, thinks that Ivanka's position likely changed as she became more educated on the issue and realized that the child tax credit reaches many more families than a child care credit could."It might have been unintentional to leave out low-income families," Maag told Business Insider. "When you are very high income, deductions are very valuable to you - it's plausible to me that she would imagine that everyone would benefit from a deduction. Once she learned more, maybe she realized that's just not true, low-income families don't need to deduct more income from taxation, they need credits to reduce their bottom line."<h2>Ivanka and Rubio face an uphill battle against the GOP</h2>Part spokesperson, part negotiator, Ivanka has <a href="https://www.politico.com/story/2017/10/09/ivanka-trump-takes-on-taxes-243604">led the White House's effort to promote the effort</a>, using the small but important piece of tax reform as an opportunity to translate her campaign promises, which centered on helping women and working families, into policy.In the months and weeks leading up to the congressional debate, she's met with dozens of lawmakers, conservative advocacy organizations, and business groups to build consensus and support for a plan that adopts parts of a 2015 proposal by Republican Sens. Marco Rubio and Mike Lee.Rubio has long supported an expansion of the child tax credit, and wants to double the credit to $2,000 and make it refundable for low-income families to who don't earn enough to pay federal taxes, and thus don't qualify for any credit.Last month, <a href="https://www.rubio.senate.gov/public/index.cfm/press-releases?id=7CAFA9F1-394E-4BF9-A3AD-26A2860C11B6">Rubio argued</a> that a $2,000 credit is "actually not a very negotiable number because anything less than that doesn't really achieve the goal."But Democrats and some tax policy experts say that while his proposal is a step in the right direction, it doesn't do enough to support low-income families who arguably benefit most from the extra income.Ivanka largely adopted Rubio's plan, but stopped short of supporting phasing in the credit at the first dollar earned, rather than after the first $3,000 in earned income, as the policy stands now."A significant expansion of the Child Tax Credit will help parents have more money at a time in their lives when they need it the most and give them the flexibility to make the best choices regarding their families' care," Ivanka said in a statement late last month. "We've been deeply committed to helping parents afford the costs of raising and caring for their children since the early days of the administration and will continue to advocate for relief for American families in the coming weeks."On Thursday morning, Rubio responded to the House proposal, tweeting that the expanded child tax credit doesn't go far enough."House #TaxReform plan is only starting point. But $600 #ChildTaxCredit increase doesn't achieve our &amp; @potus goal of helping working families," <a href="https://twitter.com/marcorubio/status/926095619353169923">the senator wrote</a>.Ivanka, who arrived in Japan for a scheduled visit on Thursday, was silent on the issue. <h2>All GOP proposals do little to help low-income families</h2>Democrats and non-partisan tax policy experts alike say the GOP plan fails to provide crucial relief to the families who need it most, while expanding benefits for the most well-off families who qualify.Chuck Marr, director of Federal Tax Policy for the left-leaning Center on Budget and Policy Priorities, told Business Insider that under the new plan, a single parent with two children who works full-time at minimum wage "would be completely left out" of the credit, while high-income families will see "dramatic" gains.The CBPP <a href="https://www.cbpp.org/research/federal-tax/child-tax-credit-increases-in-gop-tax-plan-exclude-millions-of-children-in-low">found in a recent study</a> that 16 million children in low-income families would be excluded from the benefit entirely, as their parents don't make enough to pay federal taxes and thus receive a refund. "That is not only unfair, but it's a policy mistake in that those [low-income] kids would be the ones who would benefit the most," Marr said, adding that a large body of research has found that extra income for poor families improves their kids' health, education, and career outcomes.Maag said that the new plan is "heavily tilted towards high-income families." She added that the credit is regressive over time, as it will stay capped at $1,600, while the personal exemptions that they replace were adjusted for inflation. <div class="KonaFilter image-container display-table"><div><div class="image on-image">Alex Wong/Getty ImagesIvanka Trump looks on as Sen. Marco Rubio speaks about the child tax credit at a news conference on Capitol Hill in late October.</div></div></div><h2>A GOP bargaining chip</h2>Experts say the child tax credit is a crucial measure to offset the tax plan's <a href="http://www.businessinsider.com/trump-tax-plan-details-corporate-rate-individual-brackets-deductions-cuts-2017-9">elimination of personal exemptions</a>, which currently provide significant relief for middle income families."At the same time as they have these massive tax cuts for the richest people in the country they actually increase taxes for a lot of working and middle class people, and so I think they see the child tax credit as a way to try to address that," Marr said.While the credit is a "tiny, tiny piece" of broader tax reform, Maag says, it could become a crucial bargaining chip in the coming debate in Congress."If it becomes important that either low- or middle-income families benefit significantly and directly from the tax bill in order for it to move forward then I think the child tax credit is going to be a big player in seeing that that happens," Maag said. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/gop-republican-senator-bob-corker-slams-donald-trump-great-difficulty-with-the-truth-tax-reform-north-korea-2017-10">Senator Bob Corker slams Trump and says he has 'great difficulty with the truth'</a></h3> <div> </div> </div>

Ivanka Trump is spearheading an expansion of tax relief for parents, and the GOP is fighting her

New Delhi, Jan 26 () Manufacturers of appliances and consumer electronics are seeking lower taxes on eco-friendly and energy-efficient products, more incentives for domestic manufacturing and waiving of customs duty on inputs imported to make the components in the upcoming Union Budget.
The Consumer Electronics and Appliances Manufacturers Association (CEAMA) has urged the government to offer incentives for manufacturers to produce energy-efficient products which will be in line with the government's focus on sustainability in a pre-budget memorandum. 
"Lowering the GST tax slabs for eco-friendly and energy-efficient products like air conditioners (4 star, 5 star models) and refrigerators (direct cool and frost-free) to 12 per cent will drive demand and increase the adoption of sustainable appliances by Indian consumers," said CEAMA President Kamal Nandi.
"The upcoming budget should additionally offer incentives for manufacturers to produce these energy-efficient products which will be in line with the governments focus on sustainability," he said.
Finance Minister Nirmala Sitharaman is scheduled to present the Budget for financial year 2020-21 on February 1.
According to CEAMA, the industry has largely been stagnant this year and with increased customs duties, global economic changes and fluctuations in currency and commodity, the demand levels for next year are difficult to predict.
Indian component suppliers are facing difficulty in competing with cheap Chinese imports, it said.
"The government should consider initiating some measures to reduce the input cost to make these components by waiving duty on the inputs imported to make the components," said Nandi, who is also Godrej Appliances Business Head &amp; Executive vice president.
"Besides this, the government should also focus on the promotion of R&amp;D and incentivisation of local manufacturing. The government should reinstate the reimbursement of R&amp;D expenses to 200 per cent," he said adding that 
"additionally, any expenditure incurred for taking professional help in aesthetic designing, prototyping, electronic controls designing etc should also be allowed as R&amp;D expenditures." 
Panasonic India and South Asia President and CEO Manish Sharma expects reforms in the union budget, saying that would drive consumption and improve the consumer demand.
"In order to realise the 'Make in India' vision, it is essential for the government to reduce basic customs duty on parts used in manufacturing of key components such as Motors and PCB which currently ranges from 7.5 -10 per cent. To give a perspective, reduction in custom duty on these parts, used in manufacture of PCB and motors which are further used for manufacturing Washing Machine, Refrigerator and AC will reduce input cost, allowing Indian manufacturers to be far more competitive," he said.
BSH Home Appliances India Managing Director and CEO Neeraj Bahl said Union Budget 2020 will focus of regaining consumer confidence, by reduction of personal tax, which in turn will help boost consumer demand and help the industry, which had witnessed a flat growth last year.
"We urge the government to bring in constructive policies to lend support and drive growth in the sector," he said adding that "the government should also consider reduction in GST rates for products like refrigerators and air conditioners, which are now evolving from being luxuries to necessities for our consumers".
Usha International CEO Dinesh Chhabra: "One of the key measures in the sector could be reduction of GST rates on electronic components and rationalization of the slabs for various categories of products. GST rate cuts on components would provide manufacturers with an incentive to expand production." KRH MKJ

Appliances, consumer electronics industry seeks tax relief, incentives in upcoming Budget

Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> on Tuesday announced <keyword id="20404375" type="General" weightage="20" keywordseo="income-tax-relief" source="keywords">income tax relief</keyword> for the <keyword id="20071167" type="General" weightage="100" keywordseo="middle-class" source="keywords">middle class</keyword>, a Rs 2 lakh crore outlay for <keyword id="22517841" type="General" weightage="20" keywordseo="job-creation-schemes" source="keywords">job creation schemes</keyword> over the next five years and a spending splurge for states run by her party's new coalition partners as she unveiled <keyword id="20509939" type="General" weightage="20" keywordseo="Modi-3-0" source="keywords">Modi 3.0</keyword> government's first budget after the general elections. With rural distress and unemployment being blamed for BJP losing its majority, Sitharaman in her seventh straight budget provided Rs 2.66 lakh crore for <keyword id="20027688" type="General" weightage="20" keywordseo="rural-development" source="keywords">rural development</keyword> and maintained spending on long-term infrastructure projects at Rs 11.11 lakh crore to boost <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword>. She abolished 'angel tax' for all classes of investors in startups, cut customs duty on mobile phones and gold and simplified capital gains tax. She, however, raised the securities transaction tax (STT) on futures and options of securities, which led to tanking of stock markets. "India's economic growth continues to be the shining exception (in a world that is gripped by policy uncertainties) and will remain so in the years ahead," she said. "In this budget, we particularly focus on <keyword id="19898684" type="General" weightage="20" keywordseo="employment" source="keywords">employment</keyword>, <keyword id="20374219" type="General" weightage="20" keywordseo="skilling" source="keywords">skilling</keyword>, MSMEs, and the middle class." Besides Rs 2 lakh crore provided over a five year period for schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 crore youth, "I have made a provision of Rs 1.48 lakh crore for education, employment and skilling," she said. For Bihar, where assembly elections are due next year, the finance minister announced spending of Rs 60,000 crore on infrastructure projects like expressways, power plant, heritage corridors and new airports. The support to Bihar, whose ruling party and BJP's partner JD-U has been demanding an economic package and special category status for the state, is in the form of capital projects but not subsidy or cash dole. Similarly, for Andhra Pradesh, whose ruling TDP recently joined BJP-led NDA, she allocated Rs 15,000 crore in financial aid through multilateral agencies. A similar request for support to Bihar will be expedited, she said. For the middle class, she raised standard deduction -- a flat deduction from total salary earned by an employee in a year before calculating applicable income tax rate -- by 50 per cent to Rs 75,000 and tweaked tax slabs for taxpayers opting for the new income tax regime. This will lead to taxpayers under the new tax regime -- which offers lower rates of taxes but permits limited deductions and exemptions -- saving up to Rs 17,500 in tax annually, she said. To spur employment, the Budget provided for incentives for companies, including paying for one-month salary for first-time employees, incentive at specified sale to both employee and empower with respect to their retirement fund contribution in the first four years of employment and reimbursing employers up to Rs 3,000 per month for 2 years towards EPFO contribution of each additional employee. Also, a programme to improve skills as well internship for students and subsidised loans for higher education will be provided, she said. India's official unemployment rate in urban areas is pegged at 6.7 per cent but private agencies put it at much higher levels. Buoyed by robust tax collections and a higher-than-expected dividend receipt from the Reserve Bank, Sitharaman said the government's fiscal deficit -- the difference between the total revenue earned and total expenditure -- will be trimmed to 4.9 per cent of the GDP in 2024-25, below the 5.1 per cent figure estimated in the interim budget she presented in February. She reduced gross market borrowing marginally to Rs 14.01 lakh crore. The Budget for 2024-25 fiscal (April 2024 to March 2025) allocated Rs 1.52 lakh crore for agriculture and allied sectors, aid for building 3 crore affordable housing units in urban and rural areas, provided credit support to small and medium businesses, raised small loans to Rs 20 lakh for small business, proposed setting up 12 industrial parks, and provided for setting up a Rs 1,000 crore venture capital fund for space sector.

Modi 3.0 1st Budget: Tax relief for middle class, Rs 2 lakh cr job scheme

<keyword id="6358777" type="LOCATION" weightage="20" keywordseo="New-Delhi">New Delhi</keyword>, The <keyword id="128625" type="COMPANY" weightage="20" keywordseo="Internet-and-Mobile-Association-of-India">Internet and Mobile Association of India</keyword> (IAMAI) on Thursday said that its has appealed to the government to reduce TDS on e-commerce platforms to 0.25 per cent from 1 per cent to give a much-needed relief to small sellers in the <keyword id="8445197" type="COMPANY" weightage="20" keywordseo="union-budget-2020-21">Union Budget 2020-21</keyword>. The uniform TDS on e-commerce transactions is creating major challenges for the small sellers who are conducting <keyword id="6355515" type="UNKNOWN" weightage="20" keywordseo="business">business</keyword> via e-commerce platforms. "Reducing TDS will help achieve the tax trail without creating the unintended cash-flow concerns," the IAMAI said in a statement. "While it understands that it was an important move on part of the government for better monitoring and realisation of taxation, it has led to unforeseen consequences hurting SME sellers". IAMAI had earlier shared with the authorities an illustration that suggested for merchants who have a turnover of up to Rs 1.25 crore, 1 per cent TDS under the new provisions would exceed their total tax liability, resulting in an unnecessary refund position. "Or, in other words, create cash flow and working capital concerns for small businesses," said the IAMAI which has now appealed to the authorities in its pre-budget memorandums to reduce the rate of TDS. Given the Covid-related economic slowdown, e-commerce platforms have proven to be a crucial lifeline for small scale and MSME sellers, who do not have the marketing or logistics bandwidth for wider outreach and are now using ecommerce platforms to sell across the country. "Unfortunately, the TDS, over and above the pre-existing TCS under GST, now means that such sellers conducting business over e-commerce platforms have a considerable amount of their total revenues locked up under <keyword id="516033" type="PERSON" weightage="20" keywordseo="tax-claims">tax claims</keyword>," the association argued. Forcing small businesses into prolonged tax refund claims for release of critical revenues is perhaps unwarranted under the present circumstances, it added. --IANS na/

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