Dear sir,
Find below the wishlist I would like to see in the coming budget for 2009.
1) Earlier we had only 2 forms for filing - one by salaried employees and the other by business people. Now we have 8 forms for different assessees. This leads confusion among the assessses,departmental officers. Pl have two very simple forms like earlier if not SARAL. This will facilatate smooth and early completion of assessment and results early disposals. Having 8 forms leads to unnecessary cost of stationery and mismanagement by officials.
2) We should have combined return of income and wealth for all the assesses. Now a days no wealth tax returns are filed and departmental is also not keen on this subject. The combined return should correlate income with asset and vice versa. Barring salary income, aganist rental income of house property , column should be provided for the valuation of the building. Similary against interest income, particulars of Deposits should be furnished.Agianst income from business,valuation of business should be disclosed.Asset particulars should be correlated with the income and vice versa.
Regards,
K.Ch.A.V.S.N.Murthy [ B.Com, FCA, FICWA],
Chartered Accountant in practice for the past 30 years,
Former chairman of SIRC of ICWAI,
Former faculty in the chapters of CA, CWA and CS,
Former member of Board of Studies in Commerce department of Osmania University,
Guest faculty and trainer,
Regular Tax columist in Vaartha telugu daily for the past 10 years.
Note: attached is my digital photograph
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