Reduce income-tax rate from 33 per cent for corporates and individuals to a flat 5 per cent. Apply TDS at all payouts and widen tax net and compliance. Disinvest in all Government companies. Persons above 60 years should be provided with healthcare protection and pension. Give importance to knowledge-based industries to compete globally. Reduce Central excise and customs duty from peak levels and countervailing duties.
Sree Mookambika Textiles Pvt Ltd
Udumalpet, Tamil Nadu
Infrastructure status for hotel industry
Give infrastructure status for hotel industry, as this promotes tourism and is directly related to infrastructure development of the country. Hence, all new hotels under construction should also get the benefits of 80IA available to infrastructure projects and some sops for promoting tourism. Recently, RBI has declared that investments into hotel also would be considered as real estate funding and has put lot of restrictions on the same. Deemed project imports status for hotel industry to become globally competitive.
On the personal side, investment allowance has to be given to salaried employees and the investments in infrastructure by them should be given exemption up to Rs 5,00,000 to promote infrastructure and create new breed of investors. In order to own a home, a standard deduction of Rs 5,00,000 has to be provided for all tax payers, at least for the first house to be purchased, as the real estate prices soar to new highs, making it difficult for the salaried class to pay 33 per cent taxes and think of owning a home.