by S.SATHEESH KUMAR, Chartered Accountant, Chennai,
** Present Limit on Expenditure on cash
payment of Rs. 20,000, it was introduced during 1997 this has to be increased
to Rs.1 lakh because within the span of 16 years the inflation is increased
above 5 (Five) times. This can be adopted for loans and deposits availed
or / repaid by way of cash .
** Property Value
is in a Highly increasing trend. So the interest exemption for self occupied
house can be increased from Rs.1.5 Lakhs to Rs.2.5 Lakhs so that everyone can
have their own dream home without burning their fingers for taxation purpose.
** The rate of interest for government
infrastructure bonds has to be increased & special incentive has to be
given for investment in government infrastructure bonds. So, central Govt can
have more funds, they can reduce their borrowings from world bank. So, that
people will come forward to invest under the government schemes & get the maximum benefits, so funds will be
unearthened.
 |
Mr. SATHEESH KUMAR, C.A, Chennai
|
**. It is suggested to introduce clearance
certificate from Income Tax Department for selling of property more than Rs. 1
crore. So that People will pay tax at the time of selling the property itself.
Now the criminal & investigation wings officials are catching them. Instead
of giving torture to assesses, Income tax department has to be user
friendly.
** 80GG Rent paid - maximum amount allowed
is now Rs.2,000 per month. It is very
low this has to be increased to Rs.10,000 per month
** For filing TDS
return instead of Quarterly Returns it can be annualized, so people can do
their business comfortably without going behind always with the auditors but
payment of TDS has to be made every month.
** All state government panchayath offices
and other government offices are to be educated for filing TDS return
regularly.
** Reduce Service Tax on construction from 12.36
% to 5 % otherwise evasion of tax will come.
**
As far as Service tax relating to construction of
building is concerned the followings has to be kept in mind:
1. Service tax should not be charged for middle class and lower middle
class persons.
2. Those who are purchasing the first house the
service tax exemption has to be given to the purchaser.
3. Service tax
department has to follow only the present revenues, without torturing the
previous years.
4. Small builders to be given some exemptions
for payment of service tax
Contact:
S. SATHEESH KUMAR
S. SATHEESH KUMAR & CO
Chartered Accountant
805, Velachery Main Road, Camp Road Junction, Selaiyur, Chennai
22 / 22 A,Mylai Ranganathan Street, T.Nagar
Chennai - 600073
Call: 95000 06521, 94443 85844 , 044 - 2227 6611
Email : satheesh_ss@bsnl.in
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