Dear Finance Minister,
Greetings!
We are eagerly awaiting your finance budget for the FY 2013-14. Please take some concrete steps. GDP growth rate had remained mostly in excess of 8 per cent per year during the first decade of this century that has been crashed in recent years. Latest estimates indicate to remain GDP around 5 per cent. Please take suitable steps and announce measures so that Indian economy gets back to the path of sustained growth.
Poor governance and corruption at all levels have been the root cause to neglect good intentions of the government. Corruption is flourishing in India; this is really a serious concern. To control corruption and provide justice to common people total expenditure on judiciary needs to be enhanced to 1.5 per cent of the GDP. Fast track courts should be established. And in the same way total expenditure on Police Forces needs to be enhanced to 1.5 per cent of the GDP, so that 24 per cent approximate vacant posts may be filled in.
We need a drastic overhaul in our education system. Please announce increase of the total expenditure on education to 5 per cent of the GDP and also announce utilization of NAREGA funds to construct school buildings. Educational infrastructure should be solid for the sustained growth and development of our country.
Please take steps to simplify procedures. Don’t make compulsory filing of e-return even for assesses having income over Rs. 10 lakh per annum. People are finding difficulty. E-return filing takes too much time to those who are not conversant with computer technology. People in India are still computer illiterate, particularly people in the age group of 35 and above. Looking to present cost of living, price rise and inflation, please increase income tax exemption limit to RS. 3,00,000 for common citizen, Rs. 4,00,000 for senior citizen and Rs. 6,00,000 for super senior citizen. Increase 80C rebate to Rs. 2,00,000 to encourage people to save and also increase home loan interest deduction limit from Rs. 1,50,000 to actual interest paid/debited to home loan account under section 24(b). Please also increase the limit of tax free allowances (such as telephone allowance, conveyance allowance etc.) to provide relief to tax-payers.
There is a need to empower women for which our country should have favourable tax policies including providing higher income tax exemption limit Rs. 3,50,000 to women and also some tax exemption to employers for providing jobs to females.
We have a hope from you.
With regards,
Keshav Ram Singhal