Income tax reforms: some salient points 1. The 12 %interest rate on deposits in the DSOP/PPF, given to defence service personnel must be restored. 2, NSS was introduced sometime in 1990 and 11.5% interest was given this was arbitrarily withdrawn by the government. In order to restore confidence in government policies and promises, this rate reduced to even below bank rate i.e. at 7.5%, now needs to be revoked with retrospective effect. It is unfair for any government to modify rates initially promised, of its own accord. 3. All income tax must be deducted at source on a monthly basis. Businessmen should deposit at least 50% of Income tax, based on previous year’s income, and also on a monthly basis. 5. All refunds due on income tax must be paid within three months of the assessment year, and due interest should be given. 6. The income on capital gain, e.g. if shares are held for more than 5 years, must be exempt from all taxes/capital gain. 7. Since the pay has generally increased in all cases, due to escalation factors the basic/minimum exemption limit should be revisited. 8. All citizens, irrespective of profession /service, must be encouraged to pay income taxes and suitable rebates be given where taxes are paid well in advance. 9. House building advances should have a higher rate of exemption, where houses are made and are also let out, as this helps the country to solve housing problems, to whatever limited an extent.

The government should tax on agriculture produce. One acre of land produce about Rs 25,000 per year agricultural product. If government levies tax of 1% to 2% on this product then it can collect Rs 2.5 billion to 5 billion. This money shall be utilized to do flood control, small dam, micro and drip irrigation, increase land for more irrigation, farmer education and etc.

Kindly allow other authorized representatives of Section 288 of the income-tax act, 1961 to conduct tax audit u/s 44AB i.e Income-tax practitioners like advocates, cost accountants and company secretaries etc.

With regard to black money and economy facing credit crunch, the Budget provides an opportunity for the FM to bring in one more VDIS scheme. The unearthed black money back into the system should be used for various infrastructure projects including linking of rivers, improved road and rail network, education, health etc. This will also generate huge employment opportunities which in turn will boost demand for industrial and domestic consumption and thus pave way for revival of the economy.

Increase IT slab from Rs 1.50 lakh to Rs 2.50 lakh. To allow EMI for Home loans as a deduction without any limit for self occupied property.

There are 64 types of taxes are levied in India. The government should remove all these taxes and should levy 2 per cent transaction tax on all bank transaction more than Rs 150,000. This will reduce corruption. Full revenue government can utilize in research and developments.

The tax redemption for the gents and ladies should be made equal as both of them has to take care of their family respectively and why should a guy need to pay more tax?

1. Create a new budget for Police Force, on similar line to defense 3. Remove FBT for salaried employees 4. Increase the income tax rebate bracket from Rs. 1 lakh to higher values. 5. Enforce common VAT figures on various commodities throughout country. 6. Bring in robust tax paying and tracking system.

Buying and Selling Property – ‘Stamp Duty’ on Property being sold – should be fixed by the government on the circle rate. It should not be on the “cheque amount”. If it is fixed, people will pay uniform tax, and it will also encourage buyers and sellers to conclude sale in 100% cheque. Black Money gets reduced. Effectively, if a property is worth a crore, but circle rate is half of that, how many will want to pay beyond circle rate.

I propose to set up a National farmland Commission to ensure preservation of fertile farm land(s) being grabbed in disguise of developing real estate and infrastructure. In context of present global warming and consequential depleting monsoon, it's matter of grave concern that our fertile land(s) are also depleting thanks to connivance of builders and developers. The said National farmland Commission should be empowered with vetting any land deal, beyond a certain area, so that it can be effective only after their clearance, irrespective of any state/union territory.