UNVEIL YOUR DREAM BUDGET 2009

Sir,

 

In response to your invitation captioned ' Unveil your dream Budget 2009' on the BL daily dated 18th June, 2009, I am furnishing here below my budget wishlist. 

 

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BUDGET WISH LIST

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My budget wish is that for amending the Income Tax Provisions contemplated under section 40 A (3), 269SS and 269T with regard to the threshold amount specified in that sections.

 

1. Section 40 A (3) speaks about the disallowance out of cash expenditure exceeding Rs.20,000/- : The present threshold limit of Rs.20,000/- shall be enhanced to at least Rs.50,000/-

 

2. Section 269SS and 269T state the mode of taking or accepting certain loans and deposits and mode of repayment of certain loans or deposits respectively. The present threshold limits of Rs.20, 000/- shall be enhanced to at least Rs. one lakh.

 

The reasoning behind the said recommendation to the Finance Minister is that Rs.20, 000/- is a very meager amount having regard to the appreciation in money value and the quantum of business transactions that are effected now a days. Present ceiling of Rs.20, 000/- is too low and it creates lots of hardship to business houses and their clients / customers to deal in liquid cash. A higher ceiling is the need of the hour!

 

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BRIEF PROFILE

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NAME: CA.Praveen.V

AGE    : 34 Years

QUALIFICATION: Chartered Accountant

OCCUPATION: Working with M/S Manappuram General Finance and Leasing Limited, a leading NBFC in India as Assistant General Manager (Internal Audit)

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PHOTOGRAPH : Attached as 'jpg' file

 

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Yours truely

 

 

CA.Praveen.V