Ludhiana: Partial and full lockdowns in several cities of other states have made city industrialists, especially those in the garment sector, anxious.
Businessmen say their customers in other states have asked them to cut down the quantity of already-placed orders or delay the dispatch, and it is very likely that full cancellations will follow. The reason is reduction in sales due to the closure of shops and malls on account of lockdowns. In desperation, some businessmen who are dealing with customers in Delhi and Mumbai where complete closure of shops and malls have been ordered have cut down their production.
PPE suits, masks in demand again, bizmen want to sell old stock first | Ludhiana News
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Roads, shops closed in city, commuters face tough jams | Ludhiana News
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Ludhiana: In spite of failing to meet aspirations of majority of residents to reduce the income tax rates and increase the exemption limit of income tax, several key announcements made by finance minister Nirmala Sitharaman with regard to the provisions regarding direct and indirect taxes are being welcomed by businessmen and tax experts.
In one of the major steps undertaken by the FM is the reduction in the time limit for re-opening of the income tax assessment to three years, which is presently six years. Besides this, in case of re-opening of serious tax fraud cases the time limit is unchanged at 10 years, but two conditions have been set by the FM. These include approval of the principal chief commissioner for opening such cases and evidence of concealment of income of Rs 50 lakh or more in a year. In terms of indirect taxes, the GST audit has been abolished and other similar steps had been taken by the government.