Budget wishlist

BUDGET WISHLIST   All people whether they are salaried or businessman, housewife or student, expect something from the BUDGET and why not!   My Budget Wish list:-   Ø    Basic exemption limit to be raised from present 1.5 L  to 2.5L for all categories   Ø    Section 80 C limit to be increased from 1L to 1.5L for all.   Ø    Housing Loan interest limit to be increased from 1.5L to 2.5L   Ø    Interest on Under construction property to be allowed immediately.   Ø    To reintroduce section 80L limit.   Ø    To reintroduce Standard deduction benefit for salaried class.   Ø    Some new scheme/section like 80IB for Builders/ Developers to be introduced like benefit shall be given only to flats constructed in specific time frame and the benefit be restricted only to 1RK and 1BHK flats etc(area to be determined).   Ø    Depreciation rates on New plant and machinery to be 20%   Ø    Surcharge and Education cess and FBT should be abolished.   Ø    Service tax rate to be maintained at 10%. Rather than increasing the rate, more and more services should be brought into the tax net. Like Advocate/Lawyers etc.   Ø    TDS limit to be raised to 50K for professionals.   Ø    Tax audit limit to be raised to 50Lacs.     CA Rajesh Poddar Hello: 9820989383   Rajesh R. Poddar & Co. Chartered Accountants   Shop No. 3, Shanti Kunj Apts, Off J.P.Road, near P.K. Jewellers, Andheri West, Mumbai 58 Landmark: Navrang Talkies Direct: 9820989383 Office: 9833801945 Email: rajeshpoddarceo@yahoo.com Email: raj1676@yahoo.com   The Writer is a Practicing Chartered Accountant by profession located at Mumbai specializing in the areas of Income tax and Service Tax. Your comments/feedback is welcome. Please mail at rajeshpoddarceo@yahoo.com . Views expressed are personal.