On Thursday, the Union Budget tabled in the Parliament increased presumptive income tax on small transporters by 110% to 325%. The existing presumptive income scheme is applicable uniformly to all classes of goods carriages irrespective of their tonnage capacity. Earlier, the small operators used to pay income tax on the notional income of Rs 7,500 per truck per month irrespective of tonnage. This is disastrous as the tax liability has increased multi-fold for small operators even if they don't make that much of an earning." This move of presumptive tax is disastrous, one does not make as much money to charge so much tax.

Source: dna February 04, 2018 23:37 UTC