Government of India
Ministry of Finance
Department of Economic Affairs
North Block, New Delhi – 110001
Tel. : 23093183 Fax : 23093133
E-mail : rajat.bhargava@nic.in
New Delhi, dated the 3rd June, 2014
The Regular Budget for the Financial Year (2014-15) is likely to be presented in early July, 2014.
2. Allocations projected in the Interim Budget 2014-15, are generally not altered. However, cases of schemes/ decisions which have the effect of raising expenditure commitments, may be sent to the Budget Division for examination. In case the additionality is agreed to by this Ministry, then revised Statements of Budget Estimates (SBEs) would need to be forwarded to Budget Division.
3. For such cases, necessary approvals may please be obtained on or before 9th June, 2014 so that the revised SBEs can be forwarded to the Budget Division latest by 19th June, 2014.
4. It is clarified that additionality will only be for committed liabilities.
With regards,
Yours sincerely,
Dr. Rajat Bhargava
Respected FM,
Interest earned from short term bank fixed deposits up to 1 year tenure by individual/HUF should be made tax free.
There should be one single benchmark for home loan interest rates for old and new customers and same interest rate for all banks.
Income from salary up to 7 lacks (perhaps once idea given by BJP earlier) may be made tax free and 30% slab should start after 20 Lacks.
For final budget the following are few recommendations:
1. I am interested in IT , WT,ST,GST
2. Income tax or service Tax or GST Taxable limit should start from Rs. 15lacks.
3. As regards to Income tax : A statement of affairs should be filed by all the assessees having income over Rs. 2Lacks. No exemption or deductions is required to be allowed because tax is levied from Rs. 15lacks only.One must show the bank Deposits,Land and buildings so held by him including all residing with him but not having seperate PAN. Other details shall be provided on hearing from your side Thanks a lot .