New Budget
The following moralities may be worked out / studied :-
Income up to Rs 1.5 to be exempted.
Rs 1.5 to 2.5 lacs @10% , Rs2.5 to 5.0 lacs -20% and above 5.0 lacs @ 25 %.
25% Tax Relief be provided on PPF, NSC , LIC and other Relief Bonds , etc and the limit of Rs 1.0 lac be increased to Rs 2.0 lacs
Surcharge , Education Cess & Service Tax should be completely abolished .
No different different Yard Stick by Ministry of Railways/ Finance on Age of a Senior Citizen . Let it be 60 Years for all the purposes / benefits
On acquiring the land , the compensation is to be made on Market Rate only.
10% Tax may be levied on NRIs’ Fund transfer.
Prices of Cars and other Vehicles may be enhanced.
Fuel prices in particular of Aviation Fuel can be enhanced to reduce the Govt’s Subsidy burden but for the sake of Vote Bank it may not be possible .
Tax on Foreign Travel may be enhanced by 10% .
Free Education to Girls up to Senior Secondary level
More Job-opportunities for Technical and other Professionals.
Tax to be levied for the Job Permits abroad .
Tax may be levied on Students opting for higher Studies abroad to encourage the local Universities .
Price of Liquor / Cigarettes may be increased .
Tax on every Luxury , IT and Electronic items may be increased by 15 %
Capital Gain on Property may be enhanced to 20% for the first year , 15 % from 2nd to 5th Year.
Dividend above Rs 50,000 should be taxed @ 10 %
Gifts above 2 lacs other than from Blood Relation should be taxed with a Slab pattern
The filing of Return shouldn’t be at all mandatory for the Senior Citizens other than who have over Rs 2.5 lacs income .
The Pension and the interest earned on Savings of Senior Citizens should be totally exempted
More of Tax benefits to Women and the Senior Citizens.
Income Tax collection must be utilized for the Benefit of the Agriculturists and others below poverty-line.
Free Medical facilities for the Senior Citizens .
Old Age Homes may be provided at a nominal charge / donation
Senior Citizens below the Income of 2.5 lacs should be spared from IT Returns .
Income Tax Refunds must be made within 3 months
http://business.mapsofindia.com/