1. What a wonderful wishlist- considering the precarious condition of indian governmental finances.
2. I practically deal with the commoners and their fondful wish and that would satisfy them basically are:
1. Increasing the individual basic limit to Rs.300000/-
2. Increasing the Allowance under Section 80 C to Rs.200000/- Besides that a separate allowance for housing loan repayment to the tune of Rs.100000/- this will encourage savings also and better schooling for children and housing.
3. Basic taxable limit of partnership firms to Rs. 50000/- and other things may remain as before.
4. Wealth tax taxable limit be raised to Rs 1 Crore.
5. Service tax exemption upto Rs.2500000/- and if not possible at least to Rs. 2000000/-
6. Service tax rate be reduced to 5%
7. INdividual tax slap- Rs 300000 to Rs 1000000 -10% Rs 10lacs to 25lacs-15% 25lacs- 1cr- 25% above all the present scenerio.
8. An assurance that the fuel prices will not increase further- either gas,petrol, diesel- since any such increase directly fuels price rise and inflation. A setup of fuel contingency fund that may be financed by the surcharge on income tax at 5%. and any further funding required will be supported by the governmental budget either by auto reducing of the taxes or a direct support.
9. A monitoring of the undue price rise of edible products, tea and coffee, pulses and rice and wheat , and others like paste etc used in the day to day life.
T.Thandapani chartered accountant.
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