O. N. Jayakumar, Tutocorin Alkali Chemicals and Fertilizers Ltd.,

Combating and Controlling Corruption, Black Money and Inflation
This year's budget should mainly focus on unearthing unaccounted money and put them for productive purposes. In order to have a good control over parallel economy, it is suggested that a 2% tax on agricultural income over and above Rs. 10 lakhs per assessee may be levied to plug the loophole in the economy.
A surcharge may be levied at 10 paise per unit on electricity consumption wherever exemption in payment is given so that misuse and leakage of power is easily traced.
Non-corporate assessees maybe asked to furnish their assets and liabilities (exceeding one lakh rupees) every year in their returns as a piece of information . An efficient banking transaction tax on huge cash transactions can be introduced linking it to unique identification number.
The government can introduce subsidy to the low nitrogenous fertilizers like Ammonium Chloride which is hitherto not covered under the subsidy scheme so that they are made available cheap to the farmers.
Exemption maybe given from MAT to sick companies who are just recovering and also reducing the MAT rate for the other companies in order to mitigate the hardship of spiraling interest rates. Lot of amendments have to made under the Income-Tax Act and other statues to take care of IFRS implementation effective April 2011.