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 Section 10 of the Income-tax Act, 1961

Reintroduce standard deduction
February, 28th 2008

Various exemptions given in Section 10 (14) (eg. transport allowance, hill compensatory allowance etc.) to be increased to match with the current cost of living.

Standard deduction should be re-introduced to those who are getting salary less than Rs 5 lakh per annum as the salaried class people are paying income-tax without any default. Service tax should not be charged on certain services (eg. telephone, phot ography etc.) for Rs 500 as this affects common man very much.

To help suffering exporters on account of weak US dollar, service tax on the commission paid to foreign agents to be removed. All the exporters are already loosing on an average 15 per cent on their realisation and unable to compete in the international market.

M. Ranganathan, Vice-President - Finance & Company Secretary,

Needle Industries (India) Pvt Ltd.

 
 
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