Kelkar has recommended that standard deduction and all exemptions on savings be lifted. He also mooted a three-slab customs duty structure.

Most people, especially the middle class, feel that the proposals are unfair. Following a massive hue and cry over the proposals, the task force on December 27, submitted its revised (and somewhat watered down) reports to the finance minister.

The proposals, if accepted by the government, are likely to be implemented in the Union Budget for 2003-04.