Finance Ministry invites suggestions for Union Budget 2017-18

You can submit your suggestions either directly in the comments box or attach a PDF document,” the government said.

By: ENS Economic Bureau | New Delhi | Published:November 30, 2016 2:23 am
Arun Jaitley, suggestions for Budget, MyGov, Jan Bhagidari, Finance Ministry, Budget 2017-18, business news, budget news Union Finance Minister Arun Jaitley. (PTI Photo)

The finance ministry has invited suggestions from public for Union Budget 2017-18, which will be presented on February 1 next year. People can submit their suggestions by December 15. “Citizen from all walks of life are welcome to be a part of the budget making process. You can submit your suggestions either directly in the comments box or attach a PDF document,” the government said.

The government said suggestions are being invited to promote transparency and to encourage Jan Bhagidari. “Last year we had an overwhelming response with over 40,000 suggestions for Union/Railway budget. Several of the suggestions received on myGov were incorporated in the last year’s budget,” it said.

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Citing suggestions in the current Budget, myGov portal said, these included announcement about Direct Benefit Transfers on fertilisers, creation of separate irrigation fund, Price Stabilisation Fund for pulses and introduction of special agricultural cess.

“We seek your valuable ideas to continue the tradition of the Union Budget incorporating the citizens’ aspirations,” it said.

The Budget for next year will be distinct for three reasons: One, the budget announcement date has been advanced by two months to ensure that the government is able to allocate resources to ministries and departments before the start of the next fiscal. Second, the distinction between Plan and Non-plan expenditure is being dropped.

Third, with the likely passage of GST related bills in the ongoing Winter Session, the finance ministry will be factoring in revenue collections based on the Goods and Service Tax rates that the government will announce for the next year. The Centre plans to roll out GST from April 1, 2017.

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  1. A
    Appi Reddy
    Jan 18, 2017 at 10:03 am
    Under sec 234E of Incometax Act a fee of rs 200 per day lmited to the TDS amount is mandatorily charged foror late or non filing of TDS returns. This is too harsh and there is no provision either for appeal or waiver. There will also be cases where delay is for reasonable cause. It is requested that the fee is reduced to rs 100 or rs 50 per day and also a provision made in the Act for appeal and waiver
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    1. D
      Dr. Bajrang
      Jan 4, 2017 at 12:15 pm
      Dear FM,lt;br/gt;Some humble suggestions:lt;br/gt;1. Raise exempt income limit to Rs.5 Lacs for all.lt;br/gt;2. Raise exempt income limit to Rs. 7.5 Lacs and 10 Lacs for Senior and Super Senior Citizens respectively.lt;br/gt;3. Create All Tax Slabs above exemption limit.lt;br/gt;4. Restructure tax slabs as 5%, 10%, 20% and 30%. lt;br/gt;5. Remove all complications like cess, surcharge etc.lt;br/gt;6. Exempt all pension income incomes.lt;br/gt;7. Exempt people above 80 from filing ITR unless they have any business income or capital gains above 10 lacs.lt;br/gt;8. Only the income from investments in any form above inflation rate should be considered to be an income. For Example 1: If inflation rate is 6%, Interest @4% earned from Bank SB Account should be fully exempt irrespective of the amount earned. Example 2: If inflation rate is 6%, FD interest only above 6% should be included in the gross income.
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        Deepak Khapekar
        Jan 29, 2017 at 3:25 pm
        Sub. - Suggestion for the expedition of Solar and Wind Energies Projects in Domestic and Industrial field.lt;br/gt;Dear Sir,lt;br/gt;It is the responsibility of the people to use the green energy / non-conventional energy which are available naturally and which doesn’t affect the environment. Central Govt and State Govt. both are giving subsidies on installation of Solar Rooftops / Wind Generators but even though people are not taking any interest for such installations. It is requested to give some benefits in Income Tax in sort of deductions from Gross ry for only Financial Year of Installations like National Pension System. Rs. 30000/- gross deduction can be given in the form of subsidy for 1 kW Solar Power Rooftop / Wind Energy along with the existing Central Govt and State Govt. subsidies. Most of the middle cl people come in the 30 % Tax Slabs. So it will be lucrative for them to invest in Solar / Wind Power installations. Otherwise, common people will not move towards non-conventional / Renewable energy resources.lt;br/gt;Thankslt;br/gt;Regards
        Reply
        1. D
          Deepak Khapekar
          Jan 29, 2017 at 3:25 pm
          Sub. - Suggestion for the expedition of Solar and Wind Energies Projects in Domestic and Industrial field.lt;br/gt;Dear Sir,lt;br/gt;It is the responsibility of the people to use the green energy / non-conventional energy which are available naturally and which doesn’t affect the environment. Central Govt and State Govt. both are giving subsidies on installation of Solar Rooftops / Wind Generators but even though people are not taking any interest for such installations. It is requested to give some benefits in Income Tax in sort of deductions from Gross ry for only Financial Year of Installations like National Pension System. Rs. 30000/- gross deduction can be given in the form of subsidy for 1 kW Solar Power Rooftop / Wind Energy along with the existing Central Govt and State Govt. subsidies. Most of the middle cl people come in the 30 % Tax Slabs. So it will be lucrative for them to invest in Solar / Wind Power installations. Otherwise, common people will not move towards non-conventional / Renewable energy resources.lt;br/gt;Thankslt;br/gt;Regards
          Reply
          1. G
            Gautam chatterjee
            Jan 31, 2017 at 12:34 pm
            Dear FMlt;br/gt;Income tax slab rate upto 4 lakhs Nil tax 4- 10 lakh 10%, 10-20 lakhs 20and 20-30 lakhs 30% and above 30 lakhs 45 %. Home loan interest rate should be reduce. and 80 c deduction should be from 1.5 to upto 2lakhs. conveyance subsidy would be minimum 12 thousand. For all profession and businessman are forced to keep swipe machine in their shop or nursing home for consulting fees.Most of the doctors are not giving any receipt for their consulting charges and they are making huge black money, Pathology lab also making black money like this.Any type of shopkeeper from grocery to sweets to snacks and hotel ,restaurant all are making black money like this. Please force them to keep compulsory swipe machine. This is my humble request. Thanks and regards Gautam Chatterjee
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            1. M
              M.Murali Mohan
              Jan 9, 2017 at 11:07 am
              1. Amending NPS to enable beneficiaries to have an option to avail pensionary and other ociated benefits as they attain 55 years of age.lt;br/gt;2.Senior citizens , upto 75 years of age be extended the cashless insurance facility at nominal premium . lt;br/gt;3.Senior citizens with 75 years and above be extended the facility of free treatment by all corporate hospitals without exception as their social responsibility.lt;br/gt;3.Tax payers with the responsibility of maintaining senior citizens with more than 75 years of age be extended special I.T.deductions.
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              1. S
                Sujit
                Jan 25, 2017 at 12:16 pm
                Dear FM,lt;br/gt;lt;br/gt;In India approximately 2-3% of total potion pays income tax sincerely as they are mostly ried employees and the employer cuts the tax at the source. There are many in the remaining 97% who earn money which is taxable but do not pay tax. Due to digital push and demonitization, more people will come under scanner and start paying tax. Also government should change the income tax slabs drastically to encourage more people to pay taxes and also give significant relief to existing honest, sincere ried cl. We pay income tax and again many taxes on the remaining money whenever we spend it. please reduce these as well.lt;br/gt;lt;br/gt;Sujit
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                1. S
                  sujit trivedi
                  Jan 10, 2017 at 10:00 am
                  simple planlt;br/gt;pay more tax get more benefit at the edge of retirement
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                  1. T
                    Tripti
                    Jan 22, 2017 at 7:00 am
                    I know of people who have construction business but keep some agricultural land and show most of their income as agricultural income to avoid paying income tax. After Demonetization, I found a lot of such businessmen using this loop- to launder money - their's as well as for others (with 20% commission). They were brazenly advertising and boasting of it too. lt;br/gt;It is high-time government decided to tax agricultural income too. If farmers earn well, they too should pay tax. At least all those who earn more than 10Lakhs per annum should willingly pay tax.
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                    1. A
                      Abv Vijaya
                      Dec 27, 2016 at 11:22 am
                      Dear FM:lt;br/gt;Please enforce uniform retirement benefits to all PSUs under GOI. While some PSUs especially white collared Nationalized Bank and many other retired employees of of PSUs enjoy pension and medical facilities few other Undertakings are deprived of any facility. The case in point is that retired Agricultural Scientists of National Seeds Corporation are not enled for either pension or even medical facility and abandoned to fend for themselves. These Technocrats were responsible for ushering in Green Revolution in this country in early Sixties. Delhi High Court has delivered landmark judgment that retired employees should be extended CGHS provided during service period. However, the Min. of Agri. and Coop. surrepiously appealed to the Div. Bench which has turned down the single judge's ruling. Kindly ensure uniform retirement benefits in respect of all Govt. of India Undertakings without any discrimination, anomaly and partisan atude. When BJP ruled Union Govt. is striving its level its best to take care of even unorganized sector, why the Agricultural Scientists should not be taken care of? Please do something for betterment of their living
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                      1. A
                        Anumakonda Jagadeesh
                        Dec 19, 2016 at 8:28 am
                        CREATION OF RENEWABLE ENERGY FUND:lt;br/gt;lt;br/gt;The utility electricity sector in India had an installed capacity of 307.28 GW as of 31 October 2016. Renewable power plants consuted 28.9% of total installed capacity. The gross electricity generated by utilities is 1,106TWh and 166 TWh by captive power plants during the 2014–15 fiscal.The gross electricity generation includes auxiliary power consumption of power generation plants.[5] India is the world's third largest producer and fourth largest consumer of electricity.lt;br/gt;lt;br/gt;During the fiscal year 2014-15, the per capita electricity generation in India was 1,010 kWh with total electricity consumption (utilities and non utilities) of 938.82 TWh or 746 kWh per capita electricity consumption. Electric energy consumption in agriculture was recorded highest (18.45%) in 2014-15 among all countriesThe per capita electricity consumption is lower compared to many countries despite cheaper electricity tariff in India.lt;br/gt;lt;br/gt;By the end of calendar year 2015, despite poor hydro electricity generation, India has become power surplus country with huge power generation capacity idling for want of electricity demand. The calendar year 2016 started with steep fall in the international price of energy commodities such as coal, diesel oil, naphtha, bunker fuel and LNG which are used in electricity generation in India. Earlier many of the power stations which are using fuels other than coal are unable to operate due to high cost of LNG and petro products. This situation has changed due to glut in petroleum products globally. The prices are falling to such an extent that these fuels have become cheaper to give compeion for pit head coal based power generators. Many of the sted gas and liquid fuel based power stations would be competing with indigenous coal based power stations in an electricity market where demand growth is not encouraging. All the segments of the electricity sector such as fuel suppliers, fuel transporters (railways, harbours, pipelines, etc.), Electricity generators, electricity transmission companies and distribution companies would be facing severe compeion to cut down the prices and improve their operating efficiency in a final consumer dictated market. If the power distribution companies, keep on charging exorbitant tariffs to bulk consumers, they would be opting for solar/wind power plants or take over an existing power plant to meet their captive consumption. Due to tepid growth in electricity consumption, coal stocks are continuously building up at power stations as well as coal mines.lt;br/gt;lt;br/gt;In order to address the lack of adequate electricity availability to all the people in the country by March 2019, GoI has launched a scheme called "Power for All". This scheme will ensure continuous and uninterrupted electricity supply to all households, industries and commercial establishments by creating and improving necessary infrastructure. Its a joint collaboration of GoI with states to share funding and create overall economic growth.lt;br/gt;lt;br/gt;Renewable Energy Fundlt;br/gt;lt;br/gt;Hitherto IREDA, Banks are lending money for Renewable Energy Projects. The incentives are given to large industries and business houses who invest in Renewable energy Projects. In European Countries like Denmark, Germany etc. Wind Farm co-operatives exist and in US Solar Co-operatives. In India also we can start Solar and Wind Co-operatives. A provision can be made for the investment made under Section 80C in Renewable Energy Fund can be exempted from IT. Just like NSC,LIC this exempted tax money will help to run large Renewable Energy Projects. A scheme like investment in LIC,NSC can be drawn by Union Finance Ministry.lt;br/gt;lt;br/gt;I request our Finance Minister to consider this in the ensuing Budget.lt;br/gt;lt;br/gt;Dr.A.Jagadeesh Nellore(AP)
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                        1. A
                          Anumakonda Jagadeesh
                          Dec 19, 2016 at 8:27 am
                          News that appeared much earlier Rs 2000 Notes are printed gave an indication to "Intelligent Black Money Dadas" to make alternate arrangements to convert the money into Gold, Foreign Currency, for Interest etc(No smoke without Fire !). In India nothing is secret. The fundamental difference between Morarji Desai(1978 Demonetisation) and Narendra Modiji(2016) is, in 1978 only one week is given when no ATMs were there(Less commotion) and now more than a month with lakhs of ATMs - more commotion, hardships to common man, wastage of man hours with long Qs - POOR PLANNING. This proves Corruption increased 10 fold since 1978 (Including Janata rule). If Narendra Modiji is serious of Bringing out Black Money why not "Ceiling on ets" like "Land Ceiling". Aim at Root out corruption. The present measure is nothing. By next election an MP has to spend Rs 40 Crores and MLAs 30 Crores !lt;br/gt;Here is a Check List to control Black Money.lt;br/gt;1. Decrease the Income Tax Rates so that people voluntarily pay the Tax.lt;br/gt;2. Increase the Saving limit of Rs 1 lakh under Section 80 C to 3 Lakhs.lt;br/gt;3. Increase the lower limit to come under Income Tax Purview.lt;br/gt;4. Just like Land Ceiling in the past et Ceiling for Individuals(Though Drastic and revolutionary).lt;br/gt;5. Expenditure on Government Offices, Minister's Bungalows,Visits etc.lt;br/gt;A minister goes to inaugurate 'Energy Conservation and Savinglt;br/gt;workshop followed by 10 Cars?lt;br/gt;When there is no tax on Income in Gulf can't in India the income limit for Tax net may be raised.lt;br/gt;NDA has a unique and Golden Opportunity to bring in far reaching Reforms in the country. NDA is a stable single party Government and Under a powerful Leader. In the case of past Janata Governments under Morarji Deasaiji and Atal Behari Vajpayeeji both were weak Governments being Coalition though both the Leaders were strong.lt;br/gt;Dr.A.Jagadeesh Nellore(AP)
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                          1. B
                            B.Appireddy, guntur
                            Dec 7, 2016 at 6:35 am
                            Deletion of proviso to sec 44AD(2) in f.a.2016 has cast huge tax burden on firms as interest and remuneration to partners are no more admissible as deduction. On income of Rs 5,00,000 admitted under sec 44AD , an individual or Hindu undivided family pays only Rs 25,000 while the firm has to pay Rs 1,50,000 almost forcing it not to adopt sec 44AD. I hope this militates against the original intention of application of the section to firms. The matter may be reconsidered and the deleted proviso is reintroduced.
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                            1. A
                              ASHIM KUMAR
                              Dec 30, 2016 at 8:49 am
                              Dear FM,lt;br/gt;Small Traders and Small Professionals always face the problem of maintenance of Books of Accounts. Presumptive Tax (Sec.44ADA) concept is a very good concept for honest Tax Payer, who likes simplicity. But this section should be revisited to make it successful as follows:lt;br/gt;lt;br/gt;-- It is applicable for the Professional having receipt Rs.50 lakh or less. To make it tax payer friendly and collection of higher amount of tax under this section, the limit can be increased. The professionals having lower receipt do not pay tax. The professional having higher receipt are not covered within this section. The window of SIMPLICITY should be kept open for Small Tax Payer as well as Medium Tax Payer. lt;br/gt;lt;br/gt;-- A professional engaged in the profession of Accountancy can avail this section. But a Teacher who is in the profession of Teaching is not covered under this section. It means this section encourages a Accountant not to keep Books of Account but enforce a literature Teacher to keep Books of Account. Is it the purpose of this Section?lt;br/gt;lt;br/gt;STCG / STCL on of shares. Better increase the rate of Security Transaction Tax and ignore tax on STCG / STCL. Apply this rule for first 500 companies and not small companies. Manited Trading would be reduced considerably. lt;br/gt;lt;br/gt;These are the example of small things which can be done for collection of Higher Tax. Once a Tax Payer feels that a Section is beneficial to him, the Section would bring simplicity in his life, the outcome would be multi fold. The Tax Department need not knock at the door of the Tax Payer, the Tax Payer would knock the door of the Income Tax Department for Tax Payment.
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                              1. S
                                subhash
                                Dec 10, 2016 at 11:46 am
                                1. make amendment to rule 6DD on cash payment, especially to purchase of agricultural product ( RESTRICT CASH PAYMENT ONLY 40000 PER YEAR )lt;br/gt;2. T C S ON CEMENT and STEELlt;br/gt;3.REMOVE AGRICULTURE INCOME TAX U/S 2(A) AND BROUGHT UNDER NIL RATE CRITERIA,lt;br/gt;AND MAKE ALL AGRICULTURIST WHOSE INCOME ABOVE 1000000/- FILING OF RETURN MANDATORY lt;br/gt;4TRODUCE T D S ON INTEREST ON DEPOSITS IN CO OP SOCIETIES FOR MEMBERS
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                                1. B
                                  B.Kriishna Murthy
                                  Dec 27, 2016 at 5:19 am
                                  Senior Citizens deposits with Banks and post offices may be given with higher rate of interest as they require for their better living.lt;br/gt;lt;br/gt;Even the income tax ceiling limit may be enhanced suitably.lt;br/gt;lt;br/gt;Regards,lt;br/gt;lt;br/gt;B.Krishna Murthylt;br/gt;Hyderabad
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                                  1. D
                                    Dinesh Goel
                                    Nov 30, 2016 at 12:03 pm
                                    Budget Suggestion for 2017-2018:- Government should try to bring down the Government Budget Deficit (from 3.9% to less than 3%), Current Account Deficit (from 1.25% to Nil) and Government Debt to GDP Ratio (from 67.2% to less than 60%). The above mentioned steps can help to bring down inflation, reduce pressure on currency devaluation and stimulate growth by improving economic policy rating through rating agencies.lt;br/gt;Budget Suggestion for 2017-2018:- Government will win Public favor (in a way behaving like a Robin Hood) by reducing income disparity among Middle Cl Mes by increasing the lowest Personal Income Tax Slab from current Rs2.5 Lacs to Rs3 Lacs. Increase the Super Rich Personal Income Tax Slab from current 34% to 40% because in U.S. it is only 45%, China it is only 45% and other various western countries it is between 45%- 56%. In India we actually subsidize the Super Rich with lower Personal Income Tax Slab and create shortage of funds for the Government and income disparity among common man. Only around .01% people in the country come under Super Rich segment of Tax Payers and they contribute around 70% of Personal Income Tax to the Government of India. Government should also remove education Cess of 0.3% from all the Income Tax Slabs which will simplify the Tax calculation.
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                                    1. C
                                      Chitra Nayak
                                      Nov 30, 2016 at 3:28 pm
                                      Please do something in favour of Senior citizens.All r not central or state govt retired employees. and not getting pensions.Some fully depending on Bank FD interest.Recently RBI make interest rate very less.Please do in favour Seniors.Thanks.
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                                      1. H
                                        hemant
                                        Dec 5, 2016 at 4:03 am
                                        Home loan int rates need more less for middle cl
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                                        1. N
                                          N.G.Madhavan
                                          Dec 1, 2016 at 5:37 am
                                          Now there is STT in trading of shares. In addition, short term capital gain tax is also applicablle on shares. GST advocates one tax on one commodity. The government should abolish the short term capital gains on shares and increase the current rate of STT to cover the loss of revenue on capital gains.
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                                          1. N
                                            Nirmal Choudhury
                                            Dec 1, 2016 at 4:40 am
                                            Suggestions: Please increase the Income Tax slab from current 2.5 Lakh to 3.5 Lakh for Individuals and for Senior Citizens 4 Lakh.lt;br/gt;lt;br/gt;The Tax rates should be lowered to attarct more people for voluntery inclusions. Income with more than 10 Crore may be taxed in a flexible rate so that they dont have to panic either.lt;br/gt;lt;br/gt;For transactions: All Business transactions above 20,000 have to be made through Cheque, RTGS or any other means. Individuals any transactions for luxury items above 10000 thousand should be through Cheque, RTGS, or any other means.lt;br/gt;lt;br/gt;Withdrawal: SME withdrawal should be capped @ Rs. 1 Lakh per week and Savings withdrawal from Bank @ Rs. 25000 Per week and through ATM @ Rs. 10000 Per week.lt;br/gt;lt;br/gt;For industries in NE regions there should be some incentives to attarct investments.
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