CA YOGESH KUMAR's Expectation From Budget 2010-11

1. The main correction required in Acknowledgement of Income Tax  Return is introduction of column for declaring exempted or agricultural income. I am a CA practicing in Nawanshahr a semi rural area of Punjab. Many of my clients are having agricultural income in addition to non agricultural one, but due to non availability of column showing agricultural income in acknowledgement it creates many difficulties.

2. The another change required is the system of efilling of returns, the ITR V generated through the system should be acknowledged by the local Income  Tax office as many times the end users like banks, financial institutions and for abroad cases  the High Commissions of different countries do not accept the unstamped/unacknowledged ITR V. The suggested system is that one copy of ITR V should be send directly to CPC Bangalore and another one may be got acknowledged at local office.

From:

CA YOGESH KUMAR

Mr. Sivaraman's Expectation From Budget 2010-11

Since introduction of 44AB and limit on cash payment in 1980s every thing has gone up multi times. Even the zero tax slab and tax savings have gone up many times. Cost of living has gone up and value of Rupee has come down. Hence the limit under 44AB & limit for cash exp may be increased at least 2.5 times that is 25L for profession, 100L for Business and 50K for cash.

From:
Sivaraman

Small Service Provider's Expectation From Budget 2010-11

In view of fast growing service sector, it is seriously to be considered to enhance thresh-hold limit from the existing Rs.10 lakhs to minimum Rs.25 lakhs.  It is because of speedy growth in inflation.  Over a period of one year it is observed that prevailing market rates of all items including all types of foodgrains, various other products and services have considerably gone up. The overall rate of increase is significant.  The value of rupee is decreased.   On account of such natural growth in the prevailing market rates, even small service providers who were in the initial bracket of Rs.10 lakhs were forced to fall in the higher brackets, keeping the same level of net incomes or even most of the times lesser incomes due to deterioration in economy due to present severe recession.  However in case of certain number of small service providers, the total collections were increased but due to stiff and cut throat competition and due to various reasons including the effect of Globalisation, the net incomes were steeply fallen and these small service providers are severely affected.

On account of the above reasons, it is seriously felt as it is very necessary to increase the basic exemption limit from Rs.10 lakhs to at least Rs.25 lakhs, which should be carefully considered for proper implementation.

From:
Small Service Provider

Mr. Sharad Bhandari Expectation From Budget 2010-11

Excise duty (Cenvat) and Income Tax are subject to surcharges like Educational Cess and Higher education cess.

I have no quibble with the cesses or the rates of tax. In any case, no finance minister will listen to
reasons for any sort of reductions.

 

My only desire is to see that the RATE is made into a consolidated rate and that we do not have to account for each of the surcharges separately.

For example, in CENVAT, the three taxes make for three entries in Invoices, and then three in the
accounts, and then three further in challans used to pay the duty and then three in the CENVAT Returns.

This is simply making the work three times more tedious. It wastes a lot of paper, time and expense. All that needs to be done is to have a single rate -- for example CENVAT is presently 8%
EDU CESS is 2% and H. EDU CESS is 1% making a total of 8.24%  -- so the CENVAT rate
could be 8.24% with a single entry of 8.24% everywhere and the division amongst the various heads can be done at the Government's end. In one stroke, we will shorten the return and reduce accounting for each invoice substantially.

Why subject the assessee to unnecessary pain and needless work which is totally unproductive.

From

Mr Sharad Bhandari

Business Man

Mr.Boddu Rao's Expectation from Budget 2010-11

As you are aware we are into the business of Hoteliering and Catering.  In the past 3 years the tourism industry has faced many problems, like Worldwide Recession, 26/11, (Terrorist attack at Mumbai) Swine Flue and Regular Terrorist threats etc. 

As far as the food commodities are concerned all over India, this has affected a lot to our industry.  There was no control on the prices of commodities like Sugar, Rice, Wheat, Fruits & Vegetables, Milk and other Provision items etc.  The prices have reached beyond our control.  Our request to the Finance Minister dear Pranab Babu is to control and stablise the prices in the market in the coming budget.  Also we heard that the Service Tax may increase to 12% + S.C. which are affecting our industry.  This should remain at 10% + S.C.

We do not have any control on the State Government Taxes like VAT.  (previously it was 12.5% now it is 14%).  The local Municipal Taxes have also increased substantially. 

OUR REQUEST TO FM IS TO STABLISE THE PRICES AND TAXES.
From:

B V J  Rao

Financial Controller

Taj Hari Mahal