I. L. PAREEK, TAX CONSULTANT, B.Com.LLB

NO NEED FOR TAX INCENTIVE – TAX LTCG ON SHARES Hon’ble Finance Minister is at present dealing with the tough task of rising fiscal deficit as well as rising prices. Therefore while presenting Budget for 2010-11 it now necessary that the Long term Capital on Shares which is now exempt from tax be withdrawn from retrospective effect from 1-4-2009 and it is to be taxed at 15% and further the holding period for long term Capital gain be changed to 36 months instead of 12 months as presently the investors in shares are not poor persons and at the cost of these millionaires Govt. coffers may not be suffer deficit. Likewise the MAT computation also deserves to be slightly amended that in the book profit as given by the auditor the 20 or 25 percent of traveling, telephone, gifts hospitality expenses be added and then the MAT be charged, so as the perquisites in the hand of Salaried class can be exempted and it will give much simplified method for tax Collection.
The Excise duty on all type of diesel cars be hiked at least 2% and prices of petrol and diesel be calculated on $75 per barrel with simplified custom duty and Excise duty and thereafter the Oil Companies be directed that these rates will be revised after rise/fall of every $5 per barrel. No other changes are at present required as recessionary period has not passed. The kerosene at present is given to BPL Card holders it is to be closed down and the BPL families be given two Solar lanterns at subsidized price.

I. L. PAREEK, TAX CONSULTANT
B.Com.LLB
ipa949@rediffmail.com