Thursday, February 25, 2010

T V Ganapathy, Athipattu

1. IT Exemption Limit: Basic Limit for Individuals may be increased from 1.60 Lacs to 3 Lacs, 3 Lacs to 10 Lacs may be charged @ 10%, 10 Lac to 25 Lac @ 20% & 25 Lac to 100 Lac @ 25% & Above 1 Crore @ 30%For Women, basic limit may be increased from 1.90 Lac to 3.50 LacFor Senior Citizen, basic limit may be increased to 4 Lacs. 2. For Firms & Companies also 2 or 3 Tier Income-tax slabs may be introduced:Up to 50 Lac - 10%50 to 100 Lac - 20%Above 1 Crore - 30% 3. Surcharge may be removed for all income & education cess may be continued to bring down the illiteracy to 0% in our country. 4. Service Tax may be continued @ 10% 5. Short Term & Long Term Capital Gains may be reduced to 10% & 15% respectively. 6. a.Education allowance can be increased from 200/- to 1,000/- b.Transport Allowance can be increased from 800/- to 2,500/- c. Medical Allowance can be increased from 15,000/- to 50,000/- 7. 80-C limit can be increased from present 1 lac to 2 lac to encourage the savings among middle class people 8. Interest on self occupied property can be increased from 1.50 Lac to 3 LacBuilders who are promoting flats in the selling price of Rs. 5 Lac to Rs.15 Lac can be encouraged by introducing 10% rebate in their tax to promote housing for middle class people9. Tax Audit Limit u/s 44AB has to be increased from 40 Lacs to 5 Crores. 10. Sponsoring of Improvement in infrastructure like road, electricity, water by private companies may be exempted from their business income to encourage their participation in rural development. 11. Solar power utilisation may be exempted from the individual's income if they show the proof that they have invested in Solar equipments in their home. Regards,

T V Ganapathy
Athipattu,
Minjur - 601203

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