Every year, the taxpayers look upon the Finance Minister to simplify tax collection methods so as to
avoid unwanted litigation. The FM should seriously consider revamping the entire gamut of tax laws by
simplifying them without any comprise on revenue to the government.
The Fringe Benefits , should be assessed to tax on a scale basis, in the hands of the employees. At the
same time employers' income should be adjusted upwards by disallowance of certain percentage of expenditure towards personal use/consumption. Taxes on Services shall be removed from List I (Union List) of Seventh Schedule to the Constituion and shall be included in List II (State List) thereof.
The date for payment for advance tax under the Income Tax Act, should be last working day
in each quarter.
Wealth creation being the primary aim of all governments, the existence of The Wealth Tax Act
acts as an impediment to full blown growth. It is high time that the Wealth Tax Act is abolished in
due course.
P.Balavinodan
Chartered Accountant
KTVR Enclave,
Velandipalayam,
Coimbatore-641025
Ph:2435284
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