| Wish List | Reasoning |
| 1) Exemption of Children Education Allowance be raised from Rs.100 per month per child to Rs.1000 | Cost of education is increasing at unreasonable levels, it is impossible to restrain with Rs.100 per month. |
| 2) Exemption of Transport Allowance be raised from Rs.800 per month to Rs.1600 | Cost of commuting has increased manifold |
| 3) Medical Allowance shall be exempt from Tax instead of reimbursement of bills upto Rs.15000 | Hospitalisation costs are galloping making it reasonable to exempt the entire allowance |
| 4) Deductions u/s 80C be increased from Rs.1 lac to Rs.2 lacs | Host of deductions are now provided under Sec.80C, rendering the limit insufficient |
| 5) FD & RD interests be exempt from income tax. | To promote savings and provide funds to Banks for productive purposes. |
| 6) Low cost Housing Finance for building first house @ 4% p.a | Promoting livelihood of millions even without one dwelling unit. |
| 7) Ten Years Tax | Agriculture is the backbone of our economy, presently in ICU. |
| 8) Incomes of political parties be taxed at Maximum Marginal Rates (MMR), without any deductions. | If they provide service to society, then service tax shall also be levied on them. |
| 9) Service Tax on Hospitals, Educational Institutions. | Strictly such service tax should be borne only by the service providers and not to be collected from beneficiaries. |
| 10) FBT shall be abolished, Basic exemption limit to be raised to Rs.2 lacs, Surcharge & Cess to be abolished, MMR to be restricted to 25% | Tax reforms are the immediate need of the hour. |
CA.A.Guhaneswaran
Chartered Accountant
Thanjavur.
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