Industry & Economy
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Budget
`Low I-T rate with two slabs will be helpful'
Our Correspondent
Madurai
,
June 11
THE threshold limit for the personal income-tax for the individuals should be enhanced to Rs 1 lakh, the Tamil Nadu Foodgrains Merchants Association (TFMA), has said.
In a pre-budget memorandum submitted to the Union Finance Minister, Mr P.Chidambaram, TFMA said that the measure recommended earlier by Vijay Kelkar Commission, would help to significantly influence domestic savings.
Further, a low tax rate with only two slabs will help to expand the tax base and infuse a sense of pride and participation in the national fiscal effort by honest citizens, it added.
Some of the suggestions made by TFMA include: payment of a pension as a goodwill to persons above 60 years; abolition of wealth tax; a reduction in the rate capital gains tax to 10 per cent; a reduction in bank rates and charges for various services; pruning the list of essential commodities under the Essential Commodities Act with periodical review; restriction of governmental responsibilities to needy sectors only under public distribution or provision of subsidy to the needy; continuation of the golden quadrilateral project with vigour; taking measures to protect the local industry and farmers from the onslaught of WTO; declaration of agriculture as an industry; raising of the exemption limit of the small scale sector to Rs 3 crore; establishment of an international container port at Colachel in Kanyakumari district and immediate execution of Sethusamudhram project.
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