New Delhi, January 20
Ahead of the upcoming Union Budget, the Federation of Automobile Dealers Associations (FADA) on Wednesday urged Finance Minister Nirmala Sitharaman to introduce benefits of claiming depreciation on vehicles for income tax-paying individuals and extend the depreciation period for corporates.
In its Budget recommendations, the FADA also said auto dealers should be kept out of annual TCS (tax collected at source) of 0.1% saying it is a huge financial burden on the automobile retail industry.
“The upcoming 2021 Union Budget should be focused on measures to revive the Indian economy from the pandemic slowdown and boost consumption-led demand.
“The Indian automobile industry is a barometer of the Indian economy and its revival will in turn pull up the economy,” FADA president Vinkesh Gulati said. — PTI