Set up a portal which will improve governance relating to registration of new companies. read the article for recommendations from MyCFO

1. MyCFO India CFO Sericves
Budget 2015: Recommendations from MyCFO
Set up a portal which will improve governance relating to registration
of new companies.
Personal Tax:

2. MyCFO India CFO Sericves
 Raise Income tax exemption from INR 2.5L to INR 5L. Make it 10L
for Senior Citizens (There is no system of social security in India.
Raising the limits will allow pension & interest earning senior
citizens to set aside funds for medical & investments).
 Increase exemption on interest from housing loan from 1.5L to 3L
(the cost to own a house has gone up significantly since the time
the limit of 1.5L was set a few years back).
 Exempt people from filing returns whose Gross Total income
from salaries is less than 5L (reduction in administrative burden).
 Link all accounts (Bank, Income Tax, PF, Demat etc) of an
individual to a common number (Aadhar or Citizenship no or
equivalent). Helps Government to track antecedents of
individuals, helps Government to extend welfare schemes
efficiently, improve compliances and tax collections.
Corporate Reforms:

3. MyCFO India CFO Sericves
 Set up a portal which will improve governance relating to
registration of new companies. The portal will provide steps for
registration (Service Tax for instance), documents required for
each type of Industry type (Software for instance) & tentative
timelines for each of the procedures. The clearance will be given
by a 'nodal agency' which will act as a single window of clearance
and will act as a co-ordination agencies between all departments
concerned. This will improve transparency & cut corruption. Will
go a long way in improving India's ranking in 'doing business'.
 Businesses upto a certain turnover limit (say INR 5 Crores for
instance) will be exempt from payment of Income tax and also
exempt from filing tax and statutory returns. This will allow them
to focus on business which is paramount especially in the earlier
stages of an enterprise.
 Companies that fail to take off should be given the option to exit
easily

4. MyCFO India CFO Sericves
 Mechanism to link the business and the entrepreneur with a
common number (Passport or aadhar) which can then track the
entrepreneurs antecedents, link the returns, payments made to
statutory authorities over the lifetime of the enterprise. This will
once gain improve governance standards and levels of
transparency.
Read the full article here: http://mycfo.in/resource-center/press-
mentions/13-press-mentions/165-budget-2015-recommendations-
from-mycfo
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5. MyCFO India CFO Sericves
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