It is an established fact that I T laws,or for that matter any laws,have to be simple and easy to understand for better compliance.We have so many amendments to our constitution.Has the common man benefitted from them ?
Even the former Chairman of CBDT Sri Pandeyji has recently opined that the sucharge,cess etc have to be abolished as the proper way to increase revenue is to raise the tax rates or adjust the tax brackets.
I have seen many people mainly from the senior citizen and widow categories maintaining the livelihood from the interest on Deposits.If they fail to submit required form to the Bank or their Bankers commit any mistake they have to forget the tax deducted from the interest earned as they cannot afford to go through the required proceedure for refund of I T.
The deduction of tax at source on interest,commission or brokerage,rent,professional or technical services,salary etc is getting complicated day by day.I feel even the chartered accountant has to refer to the laws for the latest directives in the matter. The paying authority has to be extremely careful to avoid penalty and/or imprisoment for non compliance.
I call for abolition of TDS on interest or atleast to enhance the limit to atleast Rs.50000/- from the present Rs 10000/-.This will help the senior citizens/widows.
To increase the revenue the FM should strengthen recovery measures after sorting out the ambiguous clauses in certain provisions in the matter of point of law.Crores of rupees held under litigation can be realised on simplifying the law and he may also plan for an "one time settlement" on diputed amounts under tax arrears.
H G Nagaraju
"Ramanuja" I cross
Lakshmipura extension
Vinobanagara,SHIMOGA 577 201
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