I list below my wishlist for the Budget 2009.
1. Savings require a definite fillip. Hence, in Income-tax law necessary amendments are to be made to provide sufficient incentive for savings. All regulatory provisions in tax laws require a thorough relook, to evaluate their relevance and effectiveness in the present day context.
2.To increase Govt.spending sufficient resources have to be mobilised. Samadhan scheme to collect disputed taxes by waiving interest and relief from penalty could be thought of. This will provide immediate resources to the Government for funding welfare projects and schemes and incidentally reduce pending litigations.
3. Advance payment of duties and taxes with sufficient incentives for making the same successful, could be given a try in this budget.
4. A committee could be constituted to remove controversial legal provisions in tax laws. In the recent past, changes in laws were made to nullify court decisions. Even settled issues were unsettled by bringing in retrospective amendments. The Govt. must gracefully abide by court decisions instead of tinkering with legal provisions, which only exhibit lack of consistency.
5. Moderation in tax rates and removal of tax / duty exemptions in a systematic manner would provide signals of stable fiscal policy.
Thanking you,
Yours Sincerely,
CA. V.K. Subramani
4A- S.K.C.Road,
Erode-638001
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