Since everybody has a budget wishlist, here is mine. I know this wish list will be read by about 7000 people over the next 2 days. Some people will say ‘how good’ some people will say ‘how stupid’. I know this will not reach Jet Lee. Not that it matters – the Baboo(n)s do what they want to do, this FM surely does not matter.

So here is my wish list…

1. Raise Income tax limit to Rs. 10Lakhs
2. Raise Tax audit limit to Rs. 50 crores for service and Rs. 100 crores for trade
3. Abolish sec 80C. 80D. and interest payment on housing loans.
4. Make senior citizens above 70 years of age pay tax only if their income is over Rs. 30L
5. Make tax return filing voluntary, get corporate to file one ’employee’ return for all employees.
6. Have 3 slab rates 10, 20 and 30. Abolish all surcharges.
7. Give incentives to cheque, online, or card payments
8. Abolish short term capital gains ALSO, increase the STT to compensate revenue loss
9. Bring TDS on post office deposits except for senior citizens
10. Allow companies to issue shares instead of paying out dividends (DRIP)
11. Make statutory audit optional for family run companies without outside money – shares or borrowing
12. Make it extremely easy to close down non operating companies – for a small fee of Rs. 10,000
13. …long list…but a dozen is good to start I thought…