The budget has been a bed of roses when it introduced SARAL-II in the place of existing irritating and perplex forms.This very idea is commendable as it facilitates smooth and easy assessments by officials. While on this subject, I request that we have combined return of income and wealth for all the assesses. Now- a-days, very few wealth tax returns are filed and departmental is not very keen on this subject. The combined return should correlate income with asset and vice versa. Barring salary income, against rental income of house property , column should be provided for the valuation of the building. Similary against interest income, particulars of deposits should be furnished.Against income from business,valuation of business should be disclosed.Asset particulars should be correlated with the income and vice versa. This provides better tracking by the assessing authorities.
The provisions which rationalise TDS administration and tax structure are welcome.The increase in the deduction under section 80 DDB, the increase in the scope of section 80 E, the abolition of surcharge in case of individual tax payers and the increase in basic wealth tax limits, presumptive taxation of small business people are laudable. Also worth appreciating are the provisions relating to capital gains and gift of kind properties in the revenue dimension.
The Finance Minister quoted Kautilya, the famous economist and Mahatma Gandhi, the peace -maker in his budget. Meaning proper compliance of laws leads to peace. Jai Bharath !!!
Regards,
K.Ch.A.V.S.N.Murthy,
Chartered Accountant,
Taxation Columist in Vaartha and Sakshi.
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