‘Tax slabs likely to be raised’ | business | Hindustan Times
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‘Tax slabs likely to be raised’

business Updated: Feb 28, 2011 00:49 IST

Mint, Hindustan Times and NDTV, bring you a personal finance show, “Let’s Talk Money”. The weekly call-in show, anchored by Monika Halan, editor, Mint Money, and Manisha Natarajan, editor and senior anchor, special programmes, NDTV, aims to answer viewers’ questions about money-related issues. Here are edited excerpts from the show that aired over the weekend on NDTV Profit and NDTV 24x7.

JS Kumar, 45, Chennai: I would love Pranab babu to take measures to decrease food inflation to single-digit by March... increase growth (to) 8.5-9%, make income up to R2 lakh tax-free; reduce short-term capital gains tax from current level... increase the total 80C/80D allocation from current R1.2 lakh to R1.6 lakh, give more impetus for infrastructure sectors and education as well as health.

Natarajan: Okay `1.6-2 lakh is a very valid demand, because it’s inflation linked. They shouldn’t be doing this in the budget, Monika, it should be automatic.

Halan: Yes, but budget is the only time when these announcements are made. Possibly we will see that the threshold gets raised. I don’t think anyone will be surprised if here is a small tampering with the slabs, whatever has to happen is already there in the codebook of DTC—3% is fair enough.

Udaysimha Shastry, 34, information technology professional: From a taxpaying salaried professional’s perspective, I find that the process for managing my income tax is messy. Different sections of various rebates and associated documentation for the same (are required). I have found that these provisions also open up a lot of opportunities for corruption. I want the FM to simplify this process...

Halan: There is a HRA, there is medical, whether or not the tax system cleans it up. There are people who won’t mind the extra taxes paid and don’t mind doing the extra paper work, but for you it’s very simple. Just talk to your employer. I can’t give you bills... Just cut your 80C, beyond that tell them that just cut my tax... Isn’t that easier?