Industry & Economy
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Budget
Increase tuition fees limit
The Finance Minister should raise the limit of Rs 1 lakh to Rs 1.5 lakh for exemption under Section 80C of Income Tax Act. Now the bank deposits above five years are eligible. Decrease this to three years. Introduce 5 per cent tax slab from Rs 1.50 lakh to Rs 1.75 lakh. Increase the eligible tuition fees limit because the cost is too high. Reduce the eligible age limit for senior citizens to 60 years and increase the non-taxable limit to Rs 2 lakh against the limit of Rs 1.85 lakh.
Introduce a health and education fund by deducting Rs 10-20 from everybody each month. It would be distributed as subsidy for education and medical treatment as per certain norms to those who earn less than Rs 1 lakh a year.
M.K.Mohandas Panikker,
Marketing Officer,
Indian Bank, Puducherry
Replace fringe
benefit tax
Scrap fringe benefit tax and replace it with addition in corporate tax in two categories viz. service industry and manufacturing industry. Scrap tax on cash withdrawals. Ban imposition of Octroi. Scrap CST forthwith - no point in gradual withdrawal. Simplify tax administration and provide a single window for tax assessment and collection including income-tax. Scrap excise duty - cascade it into VAT. If impossible, implement a system so that the small job shops can avail themselves of a set-off against their capital purchases. Scrap SEZ concept in its present form. Take a serious look at depreciation rules.
Amit Sengupta
Coimbatore
Raise conveyance
allowance ceiling
The ceiling of Rs 800 a month for conveyance allowance looks illogical considering the current inflation rate and hike in fuel prices. I have a two-wheeler and my petrol prices for a month would be around Rs 1,000-1,200 a month. I recommend that the ceiling be increased to Rs 1,200 a month.
Naresh Kumar Hotta
Bangalore
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