INCOME and TAX

China’s fallout: This refers to your editorial ‘Bad news from Beijing’ (January 22). When the US Fed raised interest rates, there was this fear in the markets that the world is without any tools to fight a China-led recession in 2016.



The Hindu Business Line, January 23, 2016



Letters



Income and tax
This refers to SS Tarapore’s article “The ‘golden mean’ for this Budget” (January 22). The general exemption limit for individual income tax is one of the most discussed subjects among the salaried class and senior citizens before every Budget.
The revelation that an upward revision of the threshold from ₹2.5 lakh to ₹5.0 lakh will have an impact of just ₹15,000 crore on the income side of the budget, by itself should be the guiding factor for the FM to be magnanimous and allow the doubling of the limit.
The present practice of keeping the exemption limit low and extending several deductions for savings and ‘perks’ forces the salaried class to save money in instruments which they would have loved to skip.
The deductions benefit mainly some service providers and ‘investment advisors’/ tax consultants. Pension and interest-income earned by senior citizens who are not pensioners should be fully exempt from income tax.
M G Warrier
Mumbai
Budget blues

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