Budget Expectations
1. Increase the threshold to Rs.3 Lacs
2. Link the threshold to Cost Inflation Index to reflect the real time rates
3. Limit the slabs to two as below:
Upto Rs 3 Lacs – NIL
Above Rs. 3 Lacs- Upto Rs.20 Lcs-20%
Above Rs.20 Lacs-40%
This will ensure more revenue and less paper work coupled with lessened work load to the department.
4. Make the refund process transparent and ensure refunds within a period of 100 days from the date of filing the return. Also provide information on the status of refund online to the taxpayer. Transparency reduces corruption and increases the concept of e-Governance in government domain.
5. Simplify and reintroduce one page Saral.
6. Introduce the concept of Trust based compliances in direct and indirect taxation regime. Let us not still cling on to the anti-trust regime introduced by the British.
Above measures will definitely give great relief to the lower and middle level employees who are burdened with a host of taxes.
Brief profile: I am a Fellow Member of Institute of Company Secretaries of India with additional qualifications like M.Com. LL.M. MBA(Finance). I am presently working in National Institute for Smart Government (a Section 25 Company). I have around 24 years of experience in Government/Autonomous/Statutory bodies in legal/secretarial/finance/accounts and audit departments.
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Mayur Vihar III
Delhi-110096
Mob:9899290409
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