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Wednesday, Feb 22, 2006
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 Opinion - Letters


Budget proposals

As a chartered accountant, I would like to make the following suggestions for the upcoming Budget:

  • Extend the benefit of Section 80C of the Income-Tax Act to a five-year, long-term fixed deposits of banks.

    Bank deposit growth is stagnant because there is no incentive.

  • Increase the limit of Rs 20 lakh for individual borrowings against listed shares to Rs 30 lakh.

  • Increase the limit on FII investment in PSU banks from 20 per cent to 24 per cent.

  • In this era of globalisation, human resource should optimally utilised. All payments on retrenchment and VRS should be fully tax-free.

  • All persons disclosing a net agricultural income exceeding Rs 2 lakh should maintain compulsory books of account and those exceeding Rs 5 lakh should get their accounts audited.

  • A comprehensive database of all Indian citizens should be created to include their PAN, passport details, etc., to trace tax evasion and for all statistical purposes.

  • Abolish the Fringe Benefit Tax as it has not achieved the desired results of raising revenue.

    Siraj Mohammed

    Kozhikode

    Letters to the editor and contributions can be sent by e-mail to: bleditor@thehindu.co.in

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