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Sunday, Feb 25, 2007
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Industry & Economy - Budget
Allow depreciation sops for salaried

Salaried class assessees should be allowed depreciation at least on the vehicles they use to commute between residence and office, and on computers. Business class assessees claim depreciation on vehicles/computers against the income from business, even though those are not being used for official purpose. Expenses incurred by employees on maintenance of vehicle, toll tax and petrol/diesel charges should be allowed as deduction. The conveyance allowance should be increased to around Rs 4,000 a month. Certification course fees, exam fees and membership fees of professional bodies should be allowed as deduction, in case they are not reimbursed by employer.

Sunil Varma

More Stories on : Budget | Income Tax

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State Bank of Travancore hikes interest rates


I-T exemption limit may be raised to Rs 1.5 lakh
Raise basic I-T exemption limit
Differential tax slabs for corporates
Withdraw service tax on exports biz
Restore standard deduction
Give prime importance to agriculture sector
Need for fair deal on service tax
Service tax must be based on usage
Tax income or expenditure
Reduce corporate, personal tax rates
Allow depreciation sops for salaried
Independent panel to curb black money
Give more sops to investments
More for senior citizens
Allocate more for defence spending
Abolish special additional duty on all imports
Focus on dryland farming
Unearned income must be taxed more
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