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The Kanara Chamber of Commerce and Industry (KCCI) has termed the Union Budget 2017-18 as pro-poor.
Jeevan Saldanha, president of KCCI, told BusinessLine on Wednesday that it is a pro-poor budget without any shocks.
Referring to the proposal to reduce the income-tax for smaller companies with an annual turnover up to ₹50 crore to 25 per cent, he said: “We need certain clarification on MSME sector definition here.”
When the Union Finance Minister says that there is reduction from 30 per cent to 25 per cent, the problem is the word ‘company’ is used.
“We require clarity on this. Company in the Income-Tax Act is public and private limited companies. MSME implies all forms of business. If you use the word company, partnership and proprietorship will miss out on that,” he said. Only a fine-print of the budget can help get clarity on this, he said.
On the measures for promoting affordable housing and real estate sector, he said this move will provide a big relief to the real estate sector.
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