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I wish the Budget 2008 withdrew wealth tax, since the total wealth tax collection in a financial year is less than Rs 350 crore and the revenue collection does not justify its continuation. The fringe benefit tax needs to get fine-tuned by excluding all expenditures, which are not employees related, from the clutches of FBT. Sales promotion expenses, travelling and telephone expenses need to be exempted from FBT at any cost. Long-term capital gain tax be reintroduced on sh ares or STT be increased from the present level. This will give stability and avoid speculation in capital market. Banking cash transaction tax (BCTT) cannot be justified. The reason for levying BCTT was to get track of large cash movements and revenue collection was not the base. The details of cash movements can otherwise be tracked through the annual information returns.

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‘Job guarantee scheme for all rural districts soon’

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