The I-T exemption limit for individuals stands at Rs 2 lakh per annum at present
Trade unions today demanded 12% interest on PF contributions of employees and a hike in income tax exemption limit to Rs 5 lakh in their pre-budget meeting with Finance Minister P Chidambaram.
The unions have also asked the government not to raise FDI cap in financial sectors like insurance and banking.
The I-T exemption limit for individuals stands at Rs 2 lakh per annum at present.
Several unions, including CITU, AITUC, INTUC and BMS, in a joint memorandum to Chidambaram have expressed their opposition to the banking reforms bill saying it would encourage private banking at the cost of public sector banks.
They also demanded that a progressive taxation system be put into place and concrete steps be taken to recover large accumulated tax arrears, effective measures to unearth huge accumulation of black money, including the unaccounted money in tax heavens abroad.
Chidambaram, while making his opening remark at the meeting with the representatives of 12 trade unions, said that a slowdown in the manufacturing sector is creating unemployment and there is a need to create job opportunities.
