V Praveen CA, Thrissur

From: Praveen praveen@manappuram.com
To: BudgetTwentyTen@gmail.com
Date: Wed, Feb 10, 2010 at 9:57 AM
Subject: Unveil your Dream Budget 2010
Sir,
BUDGET WISH LIST - REDUCE THE TAX BURDEN OF SALARIED PERSON
My budget wish is for reducing the tax liability of salaried class by way of the following measures: · Allow standard deduction for salaries to the extent of 30% of gross salary; and · Avoid taxing perquisites pertaining to the basic needs of human beings like food, medicines, accommodation etc. We all know that the taxable income of any person fall under five heads of income viz., income from salaries, income from house property, profits and gains of business or profession, capital gains and income from other sources. Out of these five heads, the exemptions and deductions given to income from salaries are too low as compared with those given in other heads of income. There is no standard deduction for expenses for salary income whereas a sum equal to 30% of gross annual value can be deducted in case of house property income apart from deduction for interest on loan taken in respect of house property. In case of business income, there are lots of provision for deductions and exemptions in the Income Tax Act. Under the head capital gains also there are a lot of relief by way of exemptions and deductions like indexation of cost. The exemptions given in respect of salary income for allowances are very nominal. It is too hard to tax even the benefits received in kind like accommodation provided by employer in the hands of salaried person. Considering the sentiments of huge mass of salaried assessee and the high level of compliance as regards tax remittances by such person, the Finance Minister may kindly consider the aforesaid measures to reduce the tax burden of salaried persons.
BRIEF PROFILE
NAME:V Praveen CA
AGE : 35 Years
QUALIFICATION: Chartered Accountant
OCCUPATION: Working with M/S Manappuram General Finance and Leasing Limited, a leading NBFC in India as Assistant General Manager (Internal Audit)
LOCATION: Thrissur, Kerala.