My Pre-Budget Wish List

As Finance Minister enters the parliament to present his 5th budget… These are the changes that I wish to see!

  • Personal Taxes
    1. Reduction in number of slabs
    2. IT exemption limit increased to Rs 3,60,000
    3. Top tax slab reduced to 25%
    4. Exemption for equity investment increased to Rs. 2,00,000
    5. Penalty on Income Tax evaders increased
    6. Announce final round of Voluntary Disclosure of Income Scheme
    7. No change in LTCG on listed equity investments
    8. No LTCG on startup investments that are held for over 3 years
    9. Farm income over 50 lakhs should be taxable
  • Corporate Taxes
    1. Flat tax of 25%
    2. Removal of exemptions
    3. Investment in qualified start-up funds (impact & seed) allowed from CSR allocation
    4. Dividend Distribution Tax reduced to 15%
  • Startups
    1. Increase Fund of Fund allocation to Rs. 15,000 crores
    2. Tax exemption for investing in SEBI registered start-ups funds;
      1. 1 crores for individuals
      2. 5 crores for corporates
    3. Removal of IT exemption scheme for start-ups
    4. Increase in allocation for CGTSME loan schemes
  • Power
    1. Removal of MAT on power projects
    2. Utilisation of Coal Cess to encourage rooftop solar projects & rural electrification
    3. Tax and other benefits for banks to lend to power projects
    4. Custom duty on import of solar panels.

Now crossing my fingers (but not holding my breath). Best of luck everyone! 😊

12/2018