A body representing the group said on Monday that self-employed taxpayers should get pensions after retirement and loans in case of business losses.
Raising concerns regarding social security, the Self-Employed Taxpayers Federation of India (SETFI) demanded that the government provide adequate medical facilities for the group.
Also Read: Budget 2024 Expectations: Tax Practitioners Urge Govt To Rationalise Personal Income Tax
The SETFI, in a statement, added there should be a provision for giving loans for losses made by businesses in certain emergencies.
In an event held at the Udasin Ashram in Old Delhi’s Paharganj, people from different walks of life, including businessmen, CAs, lawyers, and doctors, expressed concerns over their social security.
AMFI Urges Govt to Permit Pension-focused Schemes with NPS-like Tax Benefits
AMFI has requested the government to allow mutual funds to offer pension-focused schemes — Mutual Fund Linked Retirement Schemes (MFLRS)– with similar tax benefits as the National Pension System (NPS).
In its Budget proposals to the Finance Ministry, the industry body has proposed that the tax treatment for NPS and Retirement/Pension oriented schemes launched by Mutual Funds should be aligned by bringing the latter also under Section 80CCD of Income Tax Act, 1961.
Also, the Association of Mutual Funds in India (Amfi) has urged government that capital gains on redemption of debt-oriented mutual funds held for more than three years should be taxed at the rate of 10 per cent without indexation, as applicable in respect of debentures.
It has requested the government to reconsider the short-term capital gains tax imposed last year on debt-oriented mutual funds with equity exposure of up to 35 per cent.
The industry body has proposed an amendment to Section 50AA of the Finance Act, 2023, to promote retail investor participation in bond markets through debt funds by aligning their tax treatment with that of debentures and government securities.
(With PTI inputs)
