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