Pranab Mukherjee walks into the Parliament House on July 6 morning carrying on his shoulders the heavy burden of expectations of a billion plus
people. And, now that his government has a clear mandate, this pressure is immense. TOI’s Budget
Ho To Aisa team — Bakul Dholakia, Jay Narayan Vyas and Mukesh Patel — found the list of ‘to dos’ for the FM virtually infinite. As a rule, the taxpayer thinks he is always short-changed.

His anguish is valid: Historically, FMs have resorted to heavy tax measures to bring down fiscal deficit. With deficit shooting to 6% of GDP, the fear is justified. But, isn’t there a way out? “Take a bold step and withdraw FBT, surcharge on I-T and corporate tax
. This will boost investor confidence and revive growth which in turn will offset revenue losses,” says Bakulbhai.

Tired of filing tax returns? Mukeshbhai says, “TDS needs to be changed from being tedious to more tax-payer friendly, considering the fact that 65% of personal Income-Tax collection comes from TDS”. He also points at glaring anomalies.

Consider this: Sixteen years ago, exemption on wealth tax was fixed at Rs 15 lakh. While prices of gold, silver and land have increased manifold, the limit hasn’t changed. And, if you feel your dream house is still a faraway wish, Jay Narayanbhai calls for this wish to be fulfilled. “Housing sector should get special treatment which is a social need fulfilment. Provide the sector critical infrastructure status,” he says.

Source : TOI