Genuine loans and advances, which are repaid during the year, should be excluded from the scope of deemed dividend as they are not a subterfuge for payment of dividend.

A stable government at the centre together with the realisation that India needs to continue on its growth path has fueled the expectations of India Inc for a pragmatic Budget.

Today, with the indirect tax regime poised at possibly its biggest structural reform since Independence, viz: the move towards GST, the various concerns and challenges within the present service tax structure needs to be addressed prior to introduction of GST.

The hospitality sector is looking for rationalisation and uniformity on taxes and other levies, in different facilities that the hotels offer – across all states and union territories. The government must extend tax holiday from five years to ten years.

The government should accord “infrastructure status” to the housing sector and appoint a regulator to act as a single window for overseeing and monitoring the affordable housing agenda.

To promote the growth of the telecom sector and to encourage the flow of investment in the sector, the existing tax benefits should also be extended to new players and to certain other segments, which are basic to the provision of telecom services.

Given the losses that the export sector has suffered, the budget must set up an agenda for relief for the sector, an agenda that goes above and beyond immediate sops.

Several representations made by the industry may ensure the removal of Commodities Transaction Tax (CTT) in this Budget but that really leaves the situation status-quo rather than a positive step forward.

The retail sector has been sailing through difficult moments in the last few months. The most significant development for retail sector would be granting of industry status by the government.

Considering the current global economic scenario it is right time to introduce tax incentives along with liberal foreign investment guidelines to boost spending and economy.

The government must seize this opportunity and aggressively build the foundation for sustained and inclusive growth. Expenditures must be made in areas like education, infrastructure and health.

Even in the recessionary environment, the Indian IT BPO service industry is poised to grow upwards of 10 per cent. The industry needs favorable tax environment and stimulus to flourish further.

Shyam Saran, the special climate envoy to Prime Minister Manmohan Singh, said at the recent climate meeting in Bonn that India has plans to generate more solar power by the year 2020 than the whole world generates now. Possible?

To ensure a secure financial future for individuals, there is a dire need to differentiate between long-term and short-term savings, and incentivise the former.

One of the suggested methods to resolve the recession is to introduce personal income tax reforms. This would be in line with changed taxation policies followed worldwide to beat slowdown.

While every finance minister faces the challenge of prioritizing and keeping all the stakeholders happy, the UPA in this year’s Budget is expected to focus on the rural sector, infra and economy.

Indian education and training sector has not received the attention it deserves. Larger amount of money from the Budget needs to be allocated, as it is really an investment in India’s future.

The Budget is once again round the corner. Apart from the reforms in insurance, pension funds, debt markets and banking, FDI in sectors like retail and airlines is also something to watch out for.