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Extend Sec 80 C limit to Rs 3 lakh
February, 28th 2008

Extend the limit of Section 80 C of the Income Tax Act from Rs 1 lakh to Rs 3 lakh. Section 80 L exemption of interest on bank deposits should be restored. A special incentive should be given for personal expenditure made through credit or debit cards. A 10 per cent deduction from the taxable income subject to an overall ceiling can be given. This will reduce the quantum of physical currency and discourage tax evasion through non-billing or under billing. Thus preventing t he pilferage from sales tax and service tax.

Rationalise the indirect tax structure on cement. At present there is no import duty but excise duty is still there. Such measures will affect an industry because of unchecked appreciation of rupee.

All persons disclosing a net agricultural income exceeding Rs 2 lakh should maintain compulsory books of account and those exceeding Rs 5 lakh should get their accounts audited. A comprehensive data base of all Indian citizens should be created showing their PAN, Passport no etc., so as to trace tax evasion and for all statistical purposes.

Siraj Mohammed, Kozhikode

 
 
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