I am a salaried individual and over the period, I have developed an idea that the salaried class pays income tax more appropriately than the others, particularly those in business and profession). Essentially therefore the Budget should strike a balance by giving some relief to salaried class and explore effective ways of duly bringing the errant businessmen and professionals within the tax net.
I have the following ideas:
1. Re-introduce standard deduction since this essentially represents expenses incurred for earning salary.
2. Increase medical reimbursements (domiciliary) to 30T.
3. Withdraw additional tax incentives for women having total income above a specified limit.
4. Explore ways of catching the errant businessmen and professionals (as stated above)
5. Increase 80C limit to at least Rs 3 L.
6. Implement something for the survival of all of us during our old age. It will be extremely painful for one paying heavy taxes during the time he earns money and later having no income to sustain himself.
7. Medical expenses at old age is a matter of grave concern since this is the time when one incurs heavy medical expenses but has little money to support. This is a major issue and needs to be duly addressed.
8. Initiate measures to impmenet tax on agricultural income.
