.
Restore Standard Deduction, Raise I.T.Exemption Limit, Enhance 80C Limit,
Impose One-time Luxury Tax on TV/Musical Systems, Mobile Phones and
Passenger Vehicles.
At last, inflation could be made under effective control, thanks to a better Financial Management.
With the sky-rocketing prices of almost all essential commodities, the middle class finds it very difficult to make both ends meet and it has become a nightmare for him to lead a decent life with his income. Raising the Income-tax Exemption Limit to 3 lakhs will augur well to mitigate their agonies . Along with it, restoration of Standard Deduction, say Rs.25,000 will give relief to this class to a significant extent.
Enhancing the 80C limit from the present 1 lakh to 2 lakhs deserves serious consideration. This will give an impetus to Savings in the form of Insurance Premium, PF, NSC, Pension Plans, etc. These Savings can be made use of for nation-building activities as well..
To compensate the fall in tax revenue due to these concessions, a one-time collection of Luxury Tax @ Rs.100 on TV Sets and Musical Systems, Rs.5000 on Passenger Vehicles and Rs.100 on Mobile Phone sets priced above Rs.3000, at the selling point itself may be considered.
M.S. Sadanandan Pattari,
Manager (Planning & Market Research)
Life Insurance Corporation of
Ernakulam Division.
PROFILE
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Date of birth : 16.9.1949
Qualification : M.A. in Sociology
Presently working as : Manager (Planning & Market Research/ULIP),
L .I .C. of India, Divisional Office,
Jeevan Prakash,
Previously has worked as : Administrative Officer, Micro Insurance; and
Audit Officer, LIC South Zonal Office, CHENNAI
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