The Committee also suggested abolition of capital gains tax on transfer of securities and doing away with Securities Transaction Tax (STT).
Exporters are demanding measures like adequate availability of credit at affordable rates, exemption from service tax on some services like branding and marketing of a product and a planned scheme for marketing of items.
The total passenger earnings during this period were Rs 23,025.36 crore as against the target of Rs 23,536.41 crore.
In its pre-budget memorandum to Finance Minister P Chidambaram, Confederation of Indian Textiles Industry (CITI) said: "The duty on man-made fibres and their raw materials may be reduced to 8 percent from the current 12 percent."
The I-T exemption limit for individuals stands at Rs 2 lakh per annum at present. The unions have also asked the government not to raise FDI cap in financial sectors like insurance and banking.
Pawar also said that he does not expect further reduction in interest rate on crop loans on those farmers who pay in time. At present, the interest rate on farm loan is 4 per cent for timely repayers.
Planning Commission is believed to have proposed 12 percent increase in the plan expenditure or gross budgetary support (GBS), which include allocations for social sector schemes like mid-day meal, for 2013-14.
At present, crude edible oil attracts no import duty but there is 7.5 percent duty on refined edible oil.
Seeking to remove apprehensions of the software industry, Finance Ministry, on Thursday, clarified that domestic and overseas software developers would continue to get tax benefits under the Income Tax Act.
"In my view, the reason why insurance is stumbling in India is because of mis-selling of products and complex products. "If you want to sell insurance to India, you must sell simple products and must make it absolutely clear to agents and other officers that they should not mis-sell," Chidambaram said.
CREDIA has suggested mass rental housing, cheap housing for the economically weaker sections with enhanced FSI limits and creating special housing zones on the outskirts of Mumbai in adjoining Thane and Raigad districts.
The slowdown in the sector reflects the operation of market forces which hopefully will compel new development to factor the consumer paradigm appropriately for better offtakes.
Industry body CII today asked the government to extend tax benefits pertaining to mergers and amalgamations (M&As) to all businesses such as telecom, sports, IT and entertainment.
Congress leaders are expected to make a strong pitch for hiking I-T exemption limit and raising allocations for anti-poverty programmes in the upcoming Budget