BUDGET ASPIRATIONS is always from a Country Citizens, Business, Additional tax Source is what your FM looks in
As part of our yearly Budget wish list to the FM, Total Solutions would like to first and foremost suggest Additional Tax Source from avenues that have not been taxed for so many years. The next step would be to dole out Sops for our honest taxpayers (mainly the salaried class) who are the main contributors for our country’s development & infrastructure year after year!
There may be some rumbles heard with the following suggestions as most of these respective groups have never paid taxes in their life. Let us study a few of them.
Political Workers Let the charity begin at home! The Netas of the country can make a beginning by a small contribution from them in the form of tax. It may not be big revenue but still a good foundation. In our opinion, this class of people escape tax. Let the Govt. Tax the central ministers a tax say we shall now call it Country Development Tax, in addition to Income Tax. just 10 lakhs per annum.
State Ministers – 5 lakhs each
Central MPs – 5 lakhs each, State MLAs – 2 lakhs each
Agriculturists: In India, everyone is a farmer whether the poorer section or a Millionaire. One cannot pay tax, while the other one doesn’t want to pay tax. Our budget committee should support FM in the classification of big time and small time farmers with details of their land holding, yield of respective area & Fix a landholding tax on big landlords, who hold land above the prescribed limits – AGRICULTURE LARGE LAND HOLDING TAX & secondly based on the yield, annual tax can be thought of to start with.
Purohit, Vegetable Vendors, Commission Agents, Street Vendors: Many Small businessmen who are not presently under the tax bracket, give them a choice to file tax with a small annual tax of 2000/- to 20,000/- based on the voluntary income they declare, so they can come into mainstream, wherein they can get loans and banks can help in their growth. Most of them will be willing if Govt. assures No Harassment
Google Pay, PhonePe, Paytm: Next we come to service providers like Google Pay, PhonePe, PayTM, etc. Based on their customers’ transactions that take place above a certain limit, they can tax 1% as GROWTH TAX TDS and permit them to adjust this for IT, if they are paying more than this with a restriction of REFUNDS.
HI-END WEDDINGS AND EVENTS of all KINDS over a specified rent & infrastructure charges paid, the marriage & event space rent collectors can charge POSH LUXURY HALL TAX OF 2 -5% based on rent.
Motherland Tax for NRIs towards helping their Motherland.
Our many friends will have more to add & our thought leaders in BUDGET COMMITTEE with FM would have thought beyond boundaries.
Now let us start with SOPS broadly as below.
For Employed, Straight exemption without riders till 7 lakhs, Rebate on investment 80C, etc., increased to 5 lakhs.
Above this, DEPRECIATION benefits on Purchase of Vehicles least which will boost Vehicle sales.
For Small businesses, 8% TAX LIMIT extend till 5 Cr for all business.
For Professionals & service providers, limit of 50% exemption till Gross receipts of 200 lakhs.
For large CORPORATE, Tax @ 15% across all upto turnover of 500 crores.
Simplify TAX for small builders & have a different Tax structure.
Simplify TAX REGIME by removing all retrospective TAXES, Scrutiny limits to both Direct & INDIRECT TAX to max three years.
Extend OTS scheme for old tax pending appeal.
Finally, we need EOU, STPI SCHEME with IT TAX benefits along with partial Exporters.
Many more Aspirations from different Associations are lined up, we know it is hard for any FM or expert to match the expectations. But every BUDGET is for a NEW HOPE & NEW BEGINNINGS!