1.  Chidambaram No. 5 Group - 22

2.  Personal  Indirect Tax  Direct Tax  Corporate  Macro  The Common Man

3.  Exemption limit to be 1.3 lakhs  Abolish banking transaction tax  Capital gains tax to be unchanged i.e. 20%  Crorepatis to be taxed higher

4.  Standard deduction of Rs. 20000 for salaried  Remove surcharge on Income Tax  30% to be levied on Rs 5 Lakh and more  Direct tax to represent 50% of total tax collection

5.  Excise rate to be 14%...two other rates for merit and demerit goods  20% Goods and Service Tax [GST] rate for Centre and State  Custom Duty rate of 7.5%...two other rate for merit and demerit goods

6.  No change in rates  Let STPI [Software Tech Parks in India] lapse in 2009  10% surcharge should go…choice between surcharge and FBT  SEZ’s should have MAT after 5 years

7.  Abolish kerosene and LPG subsidy  Disburse fertilizer subsidy directly to farmers  Abolish multiple taxation eg. Infrastructure, shipping, automobiles, etc

8.  Steel industry wants iron ore conservation  Imports on power projects to have a basic 5% and CVD 8% [Countervailing Duty]  Pharma seeks a rise on weighted deduction from150% to 200%

9.  220 million still below poverty line  Inflated food prices due to world economics  Basic necessities of food, clothing and affordable housing still a problem

10.  Cover bad and doubtful farm loans up to Rs. 30000  Renewed emphasis on housing  Review lease rental service tax from the current 12.35%  No change in tax on auto-spares and CNG

11.  LLP [Limited Liability Partnerships] can choose their taxation structure  Excise duty and VAT to be reduced on FMCG  CST on food processing to be reduced to 2%

12.  Reduction in taxation for IT to enter rural areas  Emphasis on education – only 1 in 4 South- Asian engineer is employable

13.  Larger purchasing power with the poor  Global approach through GST in accordance with Kelkar Committee Report  Agriculture, housing and education would be given more emphasis

14.  Automobiles to be more affordable  FMCG to be cheaper  Employment opportunities through rural IT  Essential medicines to be affordable

15.  Dilip Garga 80  Prinal Shah 107  Aditya Sonavane 111

16.  Let the lungi weave its magic  Go Chidu!!!