Dear Finanace Minister
I would like to bring to the notice of FM about the tax over burden on Salaried class people. This is the only class which pays tax on both revenue as well as the expenditure (Sales and Service Taxes) with no much exemption for their spending for even the basic living.
Conveyance exemption is Rs. 9600/- which would not even cover for 2 quarters
Housing Interest Subsidy is Rs. 1.5 Lacs – Today a 2 BHK in Any Metro cost not less than 80 Lacs and at the present interest rate of 10 %, the annual outflow is Rs. 8 Lacs against which the exemption is considerably low.
Medical is exempted to the extent of Rs. 15,000 which is insufficient compared to the cost of medicine and cost of hospitalization. ( 4 days of hospitalization costs Rs. 40,000).
Special Tax rates are given to Stock Market Investments and other speculative areas where as there is no real consideration for people who slog for 10 hours in the office.
Hence in the forthcoming budget FM should provide relief to Salaried class either in the form of exemption or reduced tax rates (By removing Surcharge / increasing the slab limits).
Kalyan Prasath
Mumbai
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