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Wednesday, Feb 06, 2002

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Tax exemptions

The Direct Tax Professional Association (Business Line, February 2) has called for the slow withdrawal of tax exemptions. It is neither good from the citizen's point of view nor fair to discourage savings.

The middle and salaried class save for the future because of tax exemptions, despite the difficulty in balancing their family budget.

Instead of withdrawing the tax exemptions, the Government could provide a 100 per cent exemption on the amount saved and allow a lower interest rate regime to prevail.

No society can survive without savings and it is the Government's duty to protect and encourage ordinary citizens to save for their future. The Government, in the name of open policies, cannot afford to ignore the realities of life.

S. A. Srinivasa Sarma

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