Comments on: BIG B(ORE)

By: Sanjay Jha

Sanjay Jha — Tue, 07 Jul 2009 06:08:40 +0000

Agree with you , both Rahul and Sanjay

By: Rahul Pandey

Rahul Pandey — Mon, 06 Jul 2009 15:12:31 +0000

I was bit disaapointed to see the latest budget.We were expecting better rebates in Income tax and rebates announced were merely peanuts.

In this recession time, when most of the corpartes didn’t gave increments to thier employees, rather some companies have reduced the salries, we were expecting some significant releif in Income tax.

Moreover, the govt.has proudly announced the biggest ever expenditure of Rs.10 Lcs crores. Instead of spending so much in this recession time, we should give more emphasis on closely watching our govt expediture and need to have better control on the misuse of public money.

Also, there is a need to have transparency on political parties funding and thier accounts.

Lastly, we were expecting a different budget which should co-exist with chnaged environment.

By: Sanjay Kohli

Sanjay Kohli — Mon, 06 Jul 2009 14:09:11 +0000

He could have written a substantial part of the new tax code in this one. But has chosen to defer it by another 45 days to introduce the draft new tax code for discussin and then introduction in Parliament sometime later this year, to replace the Income-tax Act 1961. Hopefully, Government will adhere to this deadline. Having said this, i wanted either the FBT to go, or a reduction in Corp Tax to 25%, with removal of the separate Income-tax depreciation schedule. Well! he didnt bring down the Corp Tax rate. Instead the removal of FBT is welcome along with the balancing measure of increasing MAT to 15%. Can’t get 100% of the wish-list, but this is a substantial message that Government is serious about Tax Reform and simplification of the Tax Code. The fact, that the FM said that there are “a plethora of complicated exemptions” already available bringing down the effective rate which Corporates pay as tax, is an indication that the new tax code will be to simplify things. Its important that we start reforming every aspect of our lives to simplify things and make them transparent to be able to fight the ill of corruption in our society, the costs of which cannot be even quantified.