Since everybody has a budget wishlist, here is mine. I know this wish list will be read by about 7000 people over the next 2 days. Some people will say ‘how good’ some people will say ‘how stupid’. I know this will not reach Jet Lee. Not that it matters – the Baboo(n)s do what they want to do, this FM surely does not matter.

So here is my wish list…

  1. Raise Income tax limit to Rs. 10Lakhs
  2. Raise Tax audit limit to Rs. 50 crores for service and Rs. 100 crores for trade
  3. Abolish sec 80C. 80D. and interest payment on housing loans.
  4. Make senior citizens above 70 years of age pay tax only if their income is over Rs. 30L
  5. Make tax return filing voluntary, get corporate to file one ’employee’ return for all employees.
  6. Have 3 slab rates 10, 20 and 30. Abolish all surcharges.
  7. Give incentives to cheque, online, or card payments
  8. Abolish short term capital gains ALSO, increase the STT to compensate revenue loss
  9. Bring TDS on post office deposits except for senior citizens
  10. Allow companies to issue shares instead of paying out dividends (DRIP)
  11. Make statutory audit optional for family run companies without outside money – shares or borrowing
  12. Make it extremely easy to close down non operating companies – for a small fee of Rs. 10,000
  13. …long list…but a dozen is good to start I thought…

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  1. Tax income above 10 lacs even if it’s agriculture income.

    Agricultural income clause has been misused to hide black money for many many years.

  2. Vandhana…professional colleagues who? I am a pariah and believe me I can do a ‘asan ideas for health’ and make a few more enemies…just not finding the energy to do mischief

  3. Need to remove HRA to make point 4 work. You can keep paying Grandma/Mom all the rent you want and get a nice tax exemption.

    Also why not put a 5% charge on withdrawl of cash and a 2% incentive on deposit rather than giving incentives for non cash payments.

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