1. Replace Income tax with Expenditure Tax to get all incomes in the open. Ask No questions about the source of funds invested in Infrastructure Projects, so as to get the hidden black money out into the open to meet urgent needs of the Nation. 2. Protect all small savings against inflation, by linking the same with inflation index before applying the promised rates of interests. 3. Similarly all loans and advances to borrowers of funds from all sources should also be linked to inflation index, so that the borrowers. return their loans at real rates, and not at the deflated values of loans availed. 4. Widen the Tax base by monitoring the Expenditure of all sections of society. Introduce Presumptive tax on all forms of visible Expenditure, by associating and rewarding local residents to report of all forms of expenditure in their areas. 5. Pays and Perks of all public servants and Elected representatives of people, need to be pruned drastically. How have MPs and MLAs, helped themselves to pensions for just one tenure of service, that is limited to 5 years, to fat Pensions, when others to put a minimum of 20 years to earn the same. All public service must not be allowed to degenerate into OWN service, as it is at the moment. Vast Army of Public Servants needs to be pruned to real needs of the Nation. This can well be done by restricting the Government to task of Governance, and getting out of all Government Business activities. Why is Government running an Ashoka Hotel?. It is time for all governments at the central and states` levels to leave all Business activities to Business men. Government acting as Player and a Referee is the source of major part of prevailing corruption
10% Education, 15% Health, 10% complete pending projects, 25% debt servicing, 10% return debt, 5% salary and admin, 5% contingency, 5% subsidy on fuel, 5% subsidy on food (all by direct cash transfer) 5% diesel subsidy), 5% for new infrastructure projects. (Per cents of gross annual revenue). Any surplus of allocation to go for new infra projects (or back to treasury, no carry forward).
The conveyance allowance which is currently 800/month should be increased.
The medical bills exemption under sec. 17 (2) which is currently 15000/year is trivial as medical expenses are exorbitant.
The slab rates and rate of tax should be revised.
iT WAS A NEUTRAL BUDGET, TRIED TO GIVE A BUDGET WITHOUT ANY OPPOSITION, BOLD REFORMS AND FOR A SILENT REACTION FROM ALL ANGLES WITHOUT ANNOYING ANY CATEGORY OR GROUP WITH A TRIAL FOR REDUCING CURRENT ACCOUNT DEFICIT