What Citizens want from Budget 2018-19

1. Relief in Income Tax
1. 1. Income Tax Rates (all figures in INR)
Up to 10,00,000.......................................NIL
10,00,001 to 50,00,000..........................5%
50,00,001 to 150,00,000.......................10%
150,00,001 to 500,00,000......................15%
500,00,001 and above.............................20%
1.2. No deductions from income. Section 80 of IT Act, 1961 to be deleted.
1.3. TDS @1% on interest exceeding 1,00,000 in a year
1.4. No TDS on any other income
1.5. No deduction on account of Depreciation and Operating & Maintenance expenses of Cars to
business entities and self employed professionals. This will reduce the use of cars for personal travel and increase use of mass transport vehicles and result in less air pollution and traffic congestion.
1.6. Tax on capital gains both short term and long term @ 5%
1.7. No tax on EPF amount at the time of withdrawal.
1.8. Interest income from small savings accounts and term deposits will be taxable.
2. Relief in GST
2.1 GST rate on Services 10% instead of 18%
2.2 GST Rate on goods 15% instead of 18%
2.3 GST Rate on Luxury goods 18% instead of 28%
2.4 Unconditional Exemption from GST to Cooperative Housing Societies and Residents Associations
3. Relief in Toll Charges
Toll collection to be stopped all over India
4. Relief to Senior Citizens
4.1 Senior Citizens Savings Scheme interest rate should be 10% . Limit of Rs.15 Lakhs investment should be removed as interest income is taxable.
4.2 No TDS on interest paid to Senior Citizens. Banks to inform Income Tax authorities the amount of interest paid against a PAN number.
4.3 All hospitals to provide 50% concession to senior citizens for indoor treatment. 5% of Beds to be reserved for senior citizens.
4.4 In OPD 50% concession should be provided to senior citizens on Registration Charges, Consultation Charges and on cost of Medicines in hospitals.
4.5 Even private practitioners of medicine should charge only 50% of their consultation fees.
4.6 Concession of 50% in Property Tax, Water Charges, Electricity charges, Landline & Mobile phone charges and Broadband Internet charges
5. Relief to Persons with Disabilities (Divyangjan)
5.1 12% Divyangjan (Taxable) Bonds to be issued with a tenure of 10 years to provide a source of regular income to persons with disabilities.
5.2 No TDS on interest paid on above Bonds.
5.3 Free Travel Cards for Divyangjan for travelling in Buses, Local Trains and Metro.
5.4 Concessions for medical treatment same as those for senior citizens.
5.5 Concession of 75% in Property Tax, Water Charges, Electricity charges, Landline & Mobile phone charges and Broadband Internet charges
6. Linking of Aadhaar Number
6.1 The linking of Aadhaar number to bank account should be optional. It should be mandatory for claiming of government subsidies.
6.2 Government should insure all linked Aadhaar numbers to make good the losses suffered by individuals due to fraud involving use of Aadhaar number linked to bank account etc.
7. Relief from Cess
7.1 All types of Cess collection should be stopped.
7.2 No State Government and any body providing public service should be banned from collecting Cess on any account.
To give an example BEST undertaking started collecting Cess in the name of Bangladesh War in 1971 on bus tickets and practice is still continuing in 2017. more