Fulfil pre-poll promises: Bizmen to Central Govt

Shivani Bhakoo

Ludhiana, July 5

Industrialists in the city have requested the BJP-led Central Government to remove Section 43B(h) of the Income Tax Act to fulfil its pre-election commitments to the sector. The business community said they expect that the government would come to the rescue of the industry in the upcoming budget, the first by the BJP government after coming to power for the third time.

Sunil Mehra, member, National Traders Welfare Board, here, said it was time for BJP leader Ravneet Singh Bittu and Finance Minister Nirmala Sitharaman to abolish Section 43B(h) of the Income Tax Act, as due to the same, traders were losing their businesses. “When the Finance Minister came to the city before the LS poll, she had claimed that Section 43B(h) would be removed or amended. Now, it’s the time for the government to act,” he said.

Sanju Dhir, president, Ludhiana Woolen Manufacturers Association, said the imposition of Section 43B(h) was not suitable for micro and small industries and it should be withdrawn with immediate effect as the micro and small industries were losing business to medium industries which were not eligible to claim the payment within 45 days’ under the law.