Interim Budget 2009

MAHESH KAPASI & CO                                        E-Mail: maheshkapasi49@gmail.com

Chartered Accountants                                     Phone: 2686 8147

B-49, Gulmohar Park,                                                                                                                                                       

MAHESH KAPASI                                                                              New Delhi-110 049

M. Com., LL.B., FCA, FICWA, FCS

Ex –Member: AMIMA, AMIBM, ACEA (London), MIIA (U.S.A.)

Website: www.caclubindia.com/homepage/maheshkapasi

(Record Holder for “Most letters published in a month“

And “Most letters to editor” (Second Place)

  in LIMCA BOOK OF RECORDS 2008)

Reference No:                                                              Dated: February 18, 2009

The Editor

Lawyers Club

Sir,

Re: Interim Budget 2009

No noose is a good noos! For a long time  it was desired that tax laws should be stable or same for some fixed time say 5 years so that tax payers long term planning is not shelved / affected badly just because of changes every year in tax laws! Interim Budget has followed this request of tax payers –though for a very short time as main budget shall be presented after elections and this principle of stability may not be implemented at all!

In recession times some concessions by every one were expected but ruling government has its own limitations still it has some powers to give some concessions like enhancing basic exemption limit of Service Tax etc.

If budget is presented for much benefit to aam aadmi in the election time –opposition will say it is an election budget and aim is to seek more votes. By giving no such concessions such comments are saved.

There is Fiscal deficit at Rs. 3, 32,835 Crores-an alarming situation for aam aadmi as in future this deficit shall be recovered from aam aadmi only in some direct or indirect way-taxes only! Also deficit financing raises inflation, so aam aadmi be beware in future for it.

Mostly Budget is never good for aam aadmi as whatever concessions are generally given they are taken back indirectly! So mithey aam is not for aam aadmi in any budget!

(Mahesh Kapasi)