This is not the result of a survey done with an unbiased audience, this is just the summary of talk with a few people. Many of them voted for Na Mo and hence maybe they are justified in airing their views.
Here are some of the things that people want:
1. Indexation of the IT limit: The Income tax limit used to be very reasonable say 50 years ago, however it has not kept pace at all with inflation. Every finance minister should not come and increase the limit as if he is doing a favor. If the limit is Rs. 200,000 for Assessment Year 2013-14, it should become (AUTOMATICALLY) Rs. 210,000 for 2014-15 if the inflation is 10% per annum. Easy to understand and implement. We have already done this for capital gains, so the concept is not new.
2. The Government should make Income Tax Return filing VOLUNTARY for people ABOVE the age of 70 years, and if their income is less than Rs. 15 Lakhs, they should not be asked to file a return.
3. The Government should consider INFLATION for senior citizens who are living off the bank interest. They are getting a poor return and a big portion is taken away by TDS.
4. The procedure for deducting tax at source, its payment, and its credit to the depositor should be simplified.
5. 80C limit should be raised to say Rs. 500,000 – after all all this money comes back to the government, so there is not really much of cash flow loss.
6. The Home loan repayment under section 80C and the interest deduction u/s 24 should be withdrawn.
7. If a person sells his shares / mutual funds / any asset and uses it for repaying a HOME LOAN it should qualify for sec 80C deduction.
8. The equity investor has a fantastic run – no wealth tax, no income tax, – surely he cannot have any expectation from the budget.
9. Section 54EC (amount that can be invested in order to save capital gains) limit should be raised from Rs. 50L to Rs. 200L – necessary with increasing prices of Real Estate.
10. The Income tax Act should put a limit of 0.75% asset management charges on ELSS schemes.
11. With increasing Medical Costs the deduction under section 80D should be raised from Rs. 15000 to Rs. 30,000.
12. Annuities should be made tax free for persons over 65 years of age.
13. REIT should be made tax free if it has to be successful.
14. Reverse Mortgage should be made tax free for property up to Rs. 20 million.
15. The tax limit should be raised to Rs. 500,000 for all.
16. Filing Returns should be made voluntary for people with ONLY salary income – companies should allowed to check the deductions, validate the deductions and file one consolidated return. This should be allowed for all Government companies, PSUs, and top 1000 Indian Corporates. Awesome processing time can be saved.
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