1. Do not propose waiver of any loans. It leads to intentional defaults. Rather, reduce interest rates and restructure Agricultural Loans.2. Provide Impetus to Small / Medium business by providing Bank Finance at lower rates.
3. Enhance Minimum Taxable limit to Rs 3 Lakhs only to Salaried Class, as they are not provided with any extra deductions.
4. Enhance Compulsory Audit u/s 44AB limit to 2 Crores as many businesses in smaller towns reach that level.
5. Enhance Investment limit u/s 80CCC to 1.80 lakhs – to reduce Benami investments.
6. Enhance expenses disallowable limit u/s 40A(3) to Rs 50,000 – will avoid fictitious bills / vouchers being raised.
7. Reduce Service Tax Rate to 3% and ensure system for better compliance – This will ensure more people voluntarily opting to pay tax rather than connive with the enforcing authority to evade paying taxes.
8. Introduce New Voluntary Income Declaration Scheme and ensure better safeguard of persons coming out with voluntary declaration – to ensure prevention of multiplication of Unaccounted Money
9. Earmark more funds for imparting Primary Education rather than defunct schemes which only help in boosting political ratings.
Name : N D Naresh
Profession : Tax Consultant
Address : Amaravathy, Gandhinagar, Virajpet – 571218
Kodagu District, Karnataka
Email : ndnareshji@yahoo.co.in
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