I was surprised, when i saw the prices of Onion & Brinjals were raised, why the tax slabs for the people is not yet raised. I want the tax slab to be raised as mentioned bellow. 1. upto 3,00,000 Lakhs - No Tax 2. More than Rs.3,00,000 to Rs. 10,00,000 - 10% 3. More than Rs.10,00,000 to Rs. 25,00,000 - 20% 4. More than Rs.25,00,000 - 30%
I was surprised, when i saw the prices of Onion & Brinjals were raised, why the tax slabs for the people is not yet raised. I want the tax slab to be raised as mentioned bellow. 1. upto 3,00,000 Lakhs - No Tax 2. More than Rs.3,00,000 to Rs. 10,00,000 - 10% 3. More than Rs.10,00,000 to Rs. 25,00,000 - 20% 4. More than Rs.25,00,000 - 30%
I was surprised, when i saw the prices of Onion & Brinjals were raised, why the tax slabs for the people is not yet raised. I want the tax slab to be raised as mentioned bellow. 1. upto 3,00,000 Lakhs - No Tax 2. More than Rs.3,00,000 to Rs. 10,00,000 - 10% 3. More than Rs.10,00,000 to Rs. 25,00,000 - 20% 4. More than Rs.25,00,000 - 30%
I was surprised, when i saw the prices of Onion & Brinjals were raised, why the tax slabs for the people is not yet raised. I want the tax slab to be raised as mentioned bellow. 1. upto 3,00,000 Lakhs - No Tax 2. More than Rs.3,00,000 to Rs. 10,00,000 - 10% 3. More than Rs.10,00,000 to Rs. 25,00,000 - 20% 4. More than Rs.25,00,000 - 30%
Considering the below poverty line is 2 dollars per day, now for a family of 6 (couples, two kids and dependant parents) that amounts to 12 dollars per day, or 4320 dollars per year, which amounts to 2 lacs per annum in todays exchange rate. Now if the family has one earning member, then upto 2 lacs should not be taxed, since then Govt is taxing someone even below poverty line which is really bad.
In another calculation the per capita income of India is roughly 40000 per annum. Again considering a family of six and one earning member, that will be 2.4 lacs. So tacing someone whose income is less than the national average, is also bad.
Respected Sir, When the New Tax Code was released last year (2009), I went through it and found that the SALARIED CLASS is getting the MOST affected. It is proposed to bring withdrawals / maturity proceeds from PF, PPF and LIC under income for that particular year, and then tax it.
However, it is my sincere effort to bring to your attention that investments in PF, PPF and LIC are made from ALREADY TAX PAID money, and that whatever a SALARIED PERSON gets from these sources (PF, PPF & LIC) are his resources for RETIRED life.
Hence, I, on behalf of ALL SALARIED PEOPLE, earnestly request you to kindly keep PF, PPF and LIC OUT OF THE PURVIEW OF EET.
I have already posted my views in this regard in your ministry's website.
I honestly hope that this request shall be given a compassionate attention.
the hon,ble finance minister should recast the present income tax both for individual as well as for corporates . there is a big jump in the last few yrs in the income of some big individual as well business entities as can be seen from the returns filed, property decl ared by candidates at the time of election , fortune 500list etc accordingly the slabs should be (1) 0-500000 (2)500000-1000000, (3)1000000-2500000 (4) 2500000 and above . skgupta
What would be good to see is the rationalization of income tax rates. Why can't we move away from the regime of tax-slabs, tax-exemptions and tax-rebates, and instead move to a simplified taxation system with the following basic rules -
1. Flat rate of 10% income tax 2. Persons with annual income less than Rs.2,00,000 to be exempt from income tax 3. Persons with annual income greater than Rs.10,00,000 to be levied 10% surcharge on income tax
This simplified regime would have several significant benefits -
1. Much less paper-work... no proof-submission for investments, bills/receipts etc. 2. Much less calculations involved... therefore, almost no room for errors. And most importantly, much less effort 3. But what can be expected to be the most significant benefit is that, this simplified structure would encourage many more income earners to file tax returns
I would urge the Finance Minister to earnestly work in this direction.
the hon,ble finance minister should recast the present income tax both for individual as well as for corporates . there is a big jump in the last few yrs in the income of some big individual as well business entities as can be seen from the returns filed, property decl ared by candidates at the time of election , fortune 500list etc accordingly the slabs should be (1) 0-500000 (2)500000-1000000, (3)1000000-2500000 (4) 2500000 and above . skgupta
What would be good to see is the rationalization of income tax rates. Why can't we move away from the regime of tax-slabs, tax-exemptions and tax-rebates, and instead move to a simplified taxation system with the following basic rules -
1. Flat rate of 10% income tax 2. Persons with annual income less than Rs.2,00,000 to be exempt from income tax 3. Persons with annual income greater than Rs.10,00,000 to be levied 10% surcharge on income tax
This simplified regime would have several significant benefits -
1. Much less paper-work... no proof-submission for investments, bills/receipts etc. 2. Much less calculations involved... therefore, almost no room for errors. And most importantly, much less effort 3. But what can be expected to be the most significant benefit is that, this simplified structure would encourage many more income earners to file tax returns
I would urge the Finance Minister to earnestly work in this direction.