Sir, I am representing this question from Salaried class view point.
We pay tax on our salaries, a hard earn imcome, which drill down to a huge amount.
But we also pay many other taxes in our day to day for all products sold or transacted, right from petrol, gas, car, bike, rice, coffee, property etc.,
Inflation and huge price hike in day to day products impact heavily the poor and middle class people.
I really feel that you should consider above concerns and bring a revolution in the history of Income tax reformation of india.
We have confidence and faith in you and hope that things will be implemented.
I am a salaried individual and over the period, I have developed an idea that the salaried class pays income tax more appropriately than the others, particularly those in business and profession). Essentially therefore the Budget should strike a balance by giving some relief to salaried class and explore effective ways of duly bringing the errant businessmen and professionals within the tax net.
I have the following ideas:
1. Re-introduce standard deduction since this essentially represents expenses incurred for earning salary.
2. Increase medical reimbursements (domiciliary) to 30T.
3. Withdraw additional tax incentives for women having total income above a specified limit.
4. Explore ways of catching the errant businessmen and professionals (as stated above)
5. Increase 80C limit to at least Rs 3 L.
6. Implement something for the survival of all of us during our old age. It will be extremely painful for one paying heavy taxes during the time he earns money and later having no income to sustain himself.
7. Medical expenses at old age is a matter of grave concern since this is the time when one incurs heavy medical expenses but has little money to support. This is a major issue and needs to be duly addressed.
8. Initiate measures to impmenet tax on agricultural income.
We the salaried class who sincerely pay their taxes feel deprived when we see rich businessmen and other high income self employed people paying less amount of tax than us by adapting various evasion tactics.
This in turn bars the govt from reducing tax burden on us in order to sustain its collection level.
So please reduce tax burden on salaried employees and fight tax evasion with strict hand.
Also please consider tax breaks on number of dependents a person is having to sustain. Many countries have a reduced level of tax if there are non earning dependents on that person. Why is it not so in India?
We the salaried class who sincerely pay their taxes feel deprived when we see rich businessmen and other high income self employed people paying less amount of tax than us by adapting various evasion tactics.
This in turn bars the govt from reducing tax burden on us in order to sustain its collection level.
So please reduce tax burden on salaried employees and fight tax evasion with strict hand.
Also please consider tax breaks on number of dependents a person is having to sustain. Many countries have a reduced level of tax if there are non earning dependents on that person. Why is it not so in India?
I am a salaried individual and over the period, I have developed an idea that the salaried class pays income tax more appropriately than the others, particularly those in business and profession). Essentially therefore the Budget should strike a balance by giving some relief to salaried class and explore effective ways of duly bringing the errant businessmen and professionals within the tax net.
I have the following ideas:
1. Re-introduce standard deduction since this essentially represents expenses incurred for earning salary.
2. Increase medical reimbursements (domiciliary) to 30T.
3. Withdraw additional tax incentives for women having total income above a specified limit.
4. Explore ways of catching the errant businessmen and professionals (as stated above)
5. Increase 80C limit to at least Rs 3 L.
6. Implement something for the survival of all of us during our old age. It will be extremely painful for one paying heavy taxes during the time he earns money and later having no income to sustain himself.
7. Medical expenses at old age is a matter of grave concern since this is the time when one incurs heavy medical expenses but has little money to support. This is a major issue and needs to be duly addressed.
8. Initiate measures to impmenet tax on agricultural income.
recession not over just handeed over to the public. If over why banks are not ready to increase the interest rate? Because our society is not ready accept that. Means recession is not over. Our ministers want to say that they overcome the recession by their idiot thoughts?
I request the FM to look into following areas: 1. Increase the Medical reimbrushment from 15000 to atleast 30000. 2. Increase the Investments under 80C and 80CCC to 2.5 lakhs. 3. No need to give anything for Interest on housing loans that should be covered in above point itself. 4. Tax Discount on LTA should be scrapped because as we are using this money for luxury/travel so no tax discount is required. 5. Increase the Investments under section 80D from 15000 to 25000 becoz by that we can add our parents also.
