1. 5% income-tax should be levied on annual agricultural income in excess of Rs. 3 lacs to generate more resources
2. Levies on Biri manufacturing (which is negligible as compared to cigarettes) should be doubled to generate resources as well as curb smoking
3. Wholesale and Retail Price Index structures should be reviewed to reflect correct inflation
4. Sr. Citizens & physically disabled should be paid interest at 5% more than retail inflation rate
5. Petroleum products prices should be left to market forces
6. Cooking Gas subsidies should be phased out in next five years
7. Families having monthly income up to Rs.5000 and having two children only should be provided free medical care for full family as an incentive for family planning. If both children are females, the family should be paid a monthly incentive of Rs.1000 to curb female foeticide.
8. Free education vouchers of Rs.60000 per annum for children of families having monthly income up to Rs.10000 and having two children only should be provided for education at higher secondary, graduate and post-graduate level if the student gets minimum 70% marks in the previous qualifying exam.
9. Interest paid by the farmers who were otherwise eligible for loan waiver should be refunded to them for equity and rewarding their sincerity
10. Interest payable to assessee on excess payment of income-tax/ tax deducted at source (presently 6% p.a.) should be equated with interest payable by the assessee on late payment of taxes (presently 12% p.a.)
11. Income-tax exemption/concessions on export profits should be removed as exemption of indirect taxes is sufficient for making the exports competitive.
Thanks/J K Bubna
Profile: The correspondent is a practising Chartered Accountant based at Kolkata, having 28 years experience
Photo: Sorry since the scanner is out of order, not sending the photograph
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