Thanks for your reply. As the attachment in my mail of yesterday is not visible in the blog, I am appending the same to this mail for clarity and purpose.
Thanks
NC
[n.chandrasekharan]
Freelance writer, Banker, Feminist Economist, Broadcaster,Police Traffic Warden and Road Safety practitioner
Flat No.401,GOLDEN EMPIRE APARTMENTS,
URWA STORES, MANGALORE 575 006
09740130735
"There is nothing to be feared;but everything is to be understood"
DREAM BUDGET
By N.Chandra Sekharan
There is a Common Dream: Recovery from Recession!
Recovery from recession is sure to happen with more pump priming. Accelerator effect would create ripples in the economic activities and give a push to the economy to move out of the recessionary tendencies.
When economy is facing Stagnation in the economic activities, it is a dream to expect the Budget to leave a lot of money in the pockets of the common man and also the business circles.
To make the common man to spend, interest rates should come down as a disincentive to save and Loans and Finances should flourish with low rates of interests and there will be a quantum jump in the Economic Push in creating demand and also to push purchases up.
Dream Budget should introduce a novel incentive to individuals :
1. Repayment on hire purchases, Repayment on mortgages and other retail loans are deductible under section 80CC upto the limit of Rs.1.50 lakhs.
2. Home Insurance and Vehicle Insurance Premium are to be exempt from Income Tax.
3. Fixed Tax pattern system for individuals with Rs.3 lakhs returnable income should be introduced with an Annual Tax of Rs.15000/-, irrespective of the segment of the assessee. Return filing is compulsory. Assessment is to be exempted.Women and Senior Citizens with income threshold upto Rs.2 lakhs are to be exempt from tax bracket, with a compulsion to file E- return.
4. Under the Assessment Tax pattern, Above Rs.3 lakhs with telescopic slabs tax bracket with incentives and exemptions would commence.
5. Minimum Tax by each Assessee, having income of over Rs.1 lakh and less than Rs.3 lakhs, should pay a Tax of 10% of the Income returned, subject to a maximum of Rs.10000/-. Filing return is compulsory and Assessment is exempted.
Corporates and Institutions who enjoy Differential Rates of Interests in both Asset and Liability portfolios, should pay Perquisite Tax.
All Taxes related to the Consumer Goods should be slashed to enable the market to pick up and stabilize.
Where Governments have given NSC or Bonds in the place of SIXTH FINANCE COMMISSION ARREARS to the Government Employees, Cash should be given injecting PURCHASING POWER.
By next budget, the dream of Economic Recession will become Economic Revival, through Demand Push and increased economic activity, driving away STAGNATION*
N.CHANDRASEKHARAN, M.A., CAIIB.,Cert. In Rural Banking(IIb)
Senior Executive with a Public Sector Bank with 32 years of experience.
A Broadcaster, Writer, Banking Technologist, Feminist Economist & A Road Safety practitioner,
> Date: Thu, 2 Jul 2009 08:20:14 -0700
> From: budgetwishlist2009@gmail.com
> To: nchandrasekharan@hotmail.com
> Subject: Thanks for your inputs Re: BUSGET WISHLIST FROM N.CHANDRASEKHARAN
>
> Thanks for your inputs.
> D. Murali
> http://budgetwishlist2009.blogspot.com/
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