New Delhi: CNN-IBN presented Axe The Tax proposals to Finance Minister Pranab Mukherjee, who will present the Union Budget on March 16, on Tuesday. Axe the Tax proposals are those s taxes which the common man wants to be modified or abolished. The Axe The Tax for financial year 2012-13 include six proposals.
The first point is raising of savings exemption limit under Section 80C which is currently Rs 1,20,000 to a minimum of Rs 2,00,000. The income tax slabs should be changed and Rs 2,00,000-5,00,000 should be the first taxable slab.
The limit for claiming deduction on interest on housing loan needs to be revised to Rs 2,00,000-3,00,000. The exemption limit of Rs 15,000 per annum for reimbursement of medical expenses should be increased to Rs 50,000 per annum
Age limit for senior citizens should be 60 years for all tax provisions.
Presently, income earned on money or assets gifted to spouse are taxed at the giver's end. This should be made tax free.
IBN18 Editor-in-Chief Rajdeep Sardesai and CNN-IBN Executive Editor Radhakrishnan Nair handed over the suggestions to Mukherjee in New Delhi. The Finance Minister accepted the suggestions and promised to look into them, and hopefully axe them.