Tripti Shinghal Somani Puts Forth Her Pre-Budget Expectations
Ahead of the Union Budget 2018 Tripti Shinghal Somani, the Founding President of COWE (Confederation of Women Entrepreneurs) shares her Pre-budget expectations. Read on to know more.
On ground level Income tax cases:
Even though procedures – administrating instructions are in place, but ground level position is much different. We notice Delays in the disposal of appeals and grievance of assesses.
- Right now there is a limit for deduction of interest on house loan of Rs 1.5 lakhs however, in order to improve the availability of funds at the end of lenders it is recommended that the restriction should apply to one house but without any financial limit in a year. This will encourage people to repay the loan at the earliest and in the long run, the tax collection will not be affected by this, which is a common practice in the US and which has resulted in everybody owning the house and repaying at the fastest speed.
The time has come when carry backward losses should be allowed.
For example – if we have profits for the first 5 years and all of a sudden there is a loss in the 6th year, then instead of carrying forward the losses the assessment should be entitled to carry backwards and claim tax refunds. This would result in the quick rehabilitation of the company / assess and save Assets. Again, this practice is there in many advanced countries and will result in improving India’s position in ranging of Ease of doing business.
- Most importantly, if the Government is serious which it appears to be, then the details of expenditure on the broad Head including the total expenditure incurred by the accesses on the self and dependent children must be disclosed in the return. This will avoid the escaping the taxability of income which includes inter Alia the following:
- Person whose wards are studying outside India or in top medical engineering colleges in the country.
- People travelling abroad (approx. 1.5 crore people have visited Dubai last year).
- People enjoying a very high-profile lifestyle and not disclosing income.
5. For start-ups :
A separate fund should be announced for individuals working on commercialization of research. This will encourage “make in India” concept in its true sense.
- MSME – initially they were exempted from 100 per payment of performance guarantee up to their monetary limit if registered under NSIC, but now that clause has been converted up to the discretion of PSUs.
- Public procurement policy should propose at least minimum procurement of 2 per of total procurement for women entrepreneurs as a mandatory tool to encourage and support women at work.
The ideas listed here are based on the author’s research. This post does not necessarily represent the platform’s views and opinions.