--- On Sun, 28/6/09, NAGARAJAN NARAYANASAMY <nnaga_rajan@yahoo.co.in> wrote:
From: NAGARAJAN NARAYANASAMY <nnaga_rajan@yahoo.co.in>
Subject: Fw: Budget Expectations
To: budgetwishlist@gmail.com
Date: Sunday, 28 June, 2009, 8:35 PM
--- On Thu, 25/6/09, nnaga_rajan@yahoo.co.in <nnaga_rajan@yahoo.co.in> wrote:
From: nnaga_rajan@yahoo.co.in <nnaga_rajan@yahoo.co.in>
Subject: Budget Expectations
To: BudgetWishlist@gmail.com
Date: Thursday, 25 June, 2009, 2:16 PM
To The Editor, Business Line, Chennai. Dear Sir, Please consider my write-up for the Budget Expectations 2009 column. Thanking you, Yours faithfully, N. NAGARAJAN. Varagur, Thanjavur. Address : 74, Agragaram, Varagur, Nadukavery via, Thanjavur Dt. - 613101. BUDGET 2009 Sir,
I think the budget should try to earn more revenue by employing lesser rates of taxes, through stricter compliance.
1.Deduction for marrigae expenses of daughters should be made available for parents.
2. Rates of Taxation is to be separately specified for salaried class and individuals having business income. While the present slab rates of taxation with lower rates for lower income class and higher rates for higher income class may hold good, I think there should be a reversal of slab rates for all persons having business income. That is higher rate of 20-25 percent may be applied upto income of Rs.10 lakhs. Lower rate of say 10% may be applied for income above Rs.10 lakhs. This will force the individuals having business income, firms, companies to come under this category. This will also result in showing their full turnover, so that the revenue from excise duty, sales tax and service tax may also increase. Thus there will be full billing of transactions.
3. The maximum rates of taxation should be brought down to 25%.
4. At present the companies and firms have been treated at par in slab rates. Firms should be allowed lesser maximum rates which will revive the small and medium business concerns.
5. Service tax rates should be brought sown to 5% because the present rates takes away quite a lot of common man's money/savings.
6. Postal recurring deposits should be made eligible for 80 C deduction. Also doubts are there in claiming the type or which part of/type of School/ Tuition Fees as deduction. This needs to be clearly stated.
7.The salaried class is not given deduction for his personal expenditure while a business man with individual status has. A salaried person can get deduction 80 C only if he saves.Hence standard deduction needs to be reinstated.
8. Anomoly in Section 14 A needs to be removed / clarified.
9. Service tax on renting of immmovable property should be removed. Atleast exemption from service tax for professionals like Chartered Accountants, Company Secretaries, Cost Accountants having office at residential complexes should be given.
10. Some organisations default in payment of TDS deducted or collected and this forces a lot of difficulty for the Deductees in getting refund. I suggest that an option should be given for the Deductees to pay the amount of (TDS ) taxes hinself and produce the proof to the Deductor and get the balance payment. This may sound grey but suitable mechanism / thought may be given to this mode of payment, like for example an assessee-deductee may be given a Certificate by depositing an amount beforehand to the Icnome Tax Department and produce the same to the deductor ( as is done in the case of lower rates of deduction or nil rate of deduction).
N. NAGARAJAN.
Varagur, Thanjavur.
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