With the Budget 2012 to be presented by the Finance Minister, Pranab Mukherjee on March 16, The Associated Chambers of Commerce and Industry of India ( Assocham) has raised certain issues that pertain to the hotel industry. The Chamber has also recommended a few measures to the government for addressing the same.
PAN for payments in Hotels/Restaurants
Recommendations : Under Rule 114B of the Rules, PAN number is required for all payments exceeding Rs.25,000 in hotels and restaurants. This requirement should be dispensed with in case of payments made through credit cards.
This clause may be continued but its applicability can be restricted to hotels and restaurants for only cash payments above Rs.25,000. Alternatively, the limit can be enhanced to Rs. 100,000.
Depreciation and Additional Depreciation
Recommendations: Hotels were eligible for the depreciation allowance of 20% on their plant (building) till March 31, 2002. The depreciation allowance for hotels was, however, scaled down to 10% vide Notification No. 291/2002 dated 27.09.2002.
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