· Having just started my professional career, I would personally like to see the discrimination to salaried class be removed by bringing back standard deduction be , if not for all, atleast it should be given for salaried class earning upto a limit of Rs. 10 Lakhs.
· Further being an avid Xbox addict and with the gaming, animation industries set to be the next big thing, an explicit tax holiday provisions to be introduced, which will make India a lucrative hub for these industries.
· Further to encourage entrepreneurship, government can provide tax and other financial benefits for startups.
· Similar for housing, where interest payments on housing loans gets tax deduction, similarly at least for the salaried class may be with a threshold limit, tax benefits can be provided for interest payment on vehicle loans. This would be a big stimulus for the automobile industry as well as for the banking industry.
· Education for all being the objective, I think Section 80C be altered wherein tuition fees deduction should not only be limited for one’s own child but should also be given if he sponsors to any deserving child. This tax benefit will encourage more people to contribute for a deserving child’s education
· Finally, government must impose a cess to fund social sector infrastructure which is the need of the hour, introduction of GST as early as possible and to control the spiraling prices on essential food items.
K Sudarshan, Chartered Accountant, Chennai
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