Financial Daily from THE HINDU group of publications
Friday, Mar 03, 2006
Financial Daily from THE HINDU group of publications Friday, Mar 03, 2006 |
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Opinion
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Letters No-cheer Budget
The Budget, albeit, outwardly appearing people oriented, does not do much for the salaried class. Inasmuch as it is this class whose income is directly a taxable revenue for the Exchequer its interests are not adequately taken care of. And with regard to the Rs 1 lakh rebate ceiling, it is essential to keep in mind, that this provision was introduced after scrapping the standard deduction that was available till 2005. A reduction in the excise duty on small cars or electronic goods such as television sets will not support the middle income group, for these are just one-time purchases. With spiralling petrol and LPG prices, as also of everyday consumable items, the Finance Minister was expected to provide some reprieve in the form of a larger tax ceiling. What was in fact expected was that he would raise the ceiling from Rs 1 to 1.5 lakh and allowing savings under Section 80C to a sizeable level and withdrawal of cess. Therefore, it vests with the Finance Minister to reconsider and raise the ceiling in both the categories cited, before the Budget is passed. N. Vijayaraghavan Chennai
Letters to the editor and contributions can be sent by e-mail to: bleditor@thehindu.co.in
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