Dear Sir,
The present Union Budget has not given any direction to the economy. The greatest menace during the last two years is the unprecedented continuous rise in prices of almost all food articles. Finance Minister, Sri Pranab Mukherjee has not taken any concrete steps to address this issue.
2. Though, the thrust to infrastructure sector is praiseworthy, it is on expected lines only. Only issue is the care to be to taken for the environment protection and not touching the fertile agricultural land.
3. As far as the working class is concerned, the enhancement of tax exemption limit by Rs.10,000 is just a peanut, giving a benefit of just Rs.1,000 per year, simply ignoring their own election manifesto. This gain will simply vanish if you take the Fringe Benefit Tax into account.
4. The Fringe Benefit Tax is not scrapped at all. It has just been shifted from the employers to the employees. Now, an employee having small benefits like concessional residential accommodation etc. has to pay hefty taxes on this, instead of the employer. FM’s proposal is highly illogical. He should have worried about the tax collection. He need not worry whether, employer pays it or employee pays it. Perhaps he may even think of taxing employees for utilizing furniture, electricity, water and building in their own offices!
With regards,
B.N.Bharath
Manager (Credit Analyst)
Mid Corporate Regional Office,
State Bank of India, LHO,
Bangalore.
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