Earthsoft Foundation of Guidance offers simple suggestions to make lives of common business people smoother

1. Suggestions for budget 2020-21
1. Visionstatement:To treattax payersas the customers
2. Simplification:Simplifyingthe documentationwherevercitizenpayingmoneytogovernment,
single documentAadharcardto be linkedwithall assets,properties, jewelries,bankbalances,
etc
3. Processes:StreamliningGSTprocess and extremelysimplifyingit
4. Income tax–
a. Base line the slabsandincome tax.Later yearsjustkeepchangingthe slabstothe index
of inflation
b. SimplifyLTA andHRA rules – These are very complex rules;needtobe simplified
c. To bringrich farmersintotax bracket
5. Compliance of law
a. Stringentpunishmenttothe promoterswhoare cheatingtothe investors;anddoing
fraudulentactivities
b. Stringentpunishmenttothe corruptofficers, bureaucrats
6. Employeesspecific
a. All expensestobe exemptedfromthe income (online,orwhichevertype)
b. Donationin80G to be 100% exempted
c. Depreciationof vehiclesandfurniture tobe allowed
7. Boostto tourism
a. OrganisationspromotingorinMedical tourismandtourism to be giventax holidayfor5
years
b. LTA – all the expensesonfurnishingreceiptsorbankstatementtobe exemptedfrom
income
c. Encouragingtravel anytime andanywhere withinIndia;all expensestobe exemptedto
everyone
8. To remove differentiationbetween shorttermincome andloss(expenses)andlongterm
income andlongterm loss;anykindof lossis to be exemptedfromthe income
9. Exemptions
a. Expensestowardscomputersforthe students/children
b. Expensestowardsanybooks
c. Those availingpublictransport facilities