The Consumer Protection Council, Tamil Nadu, has described the increase in the Income Tax exemption limit and the investment limit under Sec.80 C of the Income Tax as a “sweet toffee.’
Income Tax payers accounted for only 5 per cent of the country’s population. There is no serious effort to bring a large majority of population under the tax net, Mr. S. Pushpavanam, council secretary, said.
“Budget is a comprehensive action plan. But not much has been revealed in the Budget 2014-15 on the proposed action.
The much talked about hard decisions and bitter bills are not there. The growth projection of 7 to 8 per cent in the next three years is ambitious,” he said. The proposed Expenditure Management Commission, which will look into various aspects of expenditure reforms to be undertaken, will show results next year.
Mr. Pushpavanam welcomed the move to create smart cities and the expansion of broadband connectivity. Setting up of Braille presses for the benefit of the visually challenged and printing of currencies with Braille signs are thoughtful steps, he said.
He welcomed raising foreign direct investment (FDI) in insurance sector and inviting FDI in low cost housing.
The All India Insurance Employees Association has opposed the move to increase FDI in insurance sector from 26 to 49 per cent.
The move would raise a question mark over the savings of the people, said L. Jones, president, AIIEA, Thanjavur Division, in a press release.
FDI in insurance sector will not lead to growth or employment generation, he said and urged the Union government to withdraw the move.
