Now it is time to consider number of dependents for assessing tax. This is being a important factor in most of the coutries while assessing tax of a individual.
It is not reasonable to collect same tax amount from a person who has 3-4 dependants and a bachelor. It more over helps our country to take care of elders or parents for sake of tax savings :) (in some extent)
Now it is time to consider number of dependents for assessing tax. This is being a important factor in most of the coutries while assessing tax of a individual.
It is not reasonable to collect same tax amount from a person who has 3-4 dependants and a bachelor. It more over helps our country to take care of elders or parents for sake of tax savings :) (in some extent)
Number of dependent must be a factor for assessing Income tax for a person. This is being consided as a major factor in a lot of foreign countries... For me, I have 3 non-working dependants.. but still I have to pay tax amount as much as a bachelor has to. This will give an additional benefit of caring our parents or elders atleast for tax benefit sake. .. HUH??
Number of dependent must be a factor for assessing Income tax for a person. This is being consided as a major factor in a lot of foreign countries... For me, I have 3 non-working dependants.. but still I have to pay tax amount as much as a bachelor has to. This will give an additional benefit of caring our parents or elders atleast for tax benefit sake. .. HUH??
CASH FOR VOTES and CRASH, Government does not want to tell about the current economic CRASH!!
OVER-PRINT MONEY IS government way for votes and crash....
PM said, he wants to rope private sector to complete the cycle of kickback (he is not explicit but we all know)
PM says - Private sector may be roped in to hone rural work skill
At MNREGS Sammelan 2010, both PM and Sonia want to Rope in the private sector in order to complete the cycle of Money printing for pet programs, Vote printing(as reward for congress programs), corruption as result(for the layers) and now the private sector will be involved in kickbacks.
We are already facing an ECONOMIC CRASH due to overzealous Rupee printing by government by aping the BJP model of Money Print = GROWTH.
NOW THE PRIVATE SECTOR will be involved to provide kickbacks quite like how it works in the huge defense deals. Ofcourse, the defence minister are there for coverups as well.
Look at the name of their schemes and scams for guaranteed votes thuggary such as 'GANDHI named scam' that will result in Govt. money printing i.e cash for vote. Here are the names
Mahatma Gandhi National Rural Employment Guarantee Scheme with the National Rural Livelihood Mission.
My thoughts are pretty simple and I welcome anyone with better sense of finance to refine over this submission.
I would urge the government to abolish mandatory filing of tax returns. Govt may find means to strengthen tax deduction at source as well as making every transaction electronic and transparent and taxed at the point of transaction as applicable. After having imposing tax in every transaction and disbursement, the govt must do away with the futile exercise of mandatory filing of returns. The filing may be done by any taxpayer to obtain refund in case of excess deduction or to claim exemption after deduction etc. This way govt will save the efforts by the I-T deptt to collect and scrutinize ITR by billions of taxpayer across the country. This will save huge amount of governmental expenditure involved in the exercise. This will also save enormouns amount of papers wasted in documentation, proof submission etc, which will inturn have positive impact on the environment and benefit the humanity.
4) Household needs –Consumer durables, comforts (AC etc), entertainment, happy living needs, conveniences so on and so fort
5) Property like house/house plot/land/ resort homes/gold and jewellery so on and so forth
6) Easy liquidity (like short term Fixed deposits)
7) Fixed deposits
8) Insurance investments (Other than insurance cover)
9) Mutual funds etc
10) Like this it is easy to make an exhaustive list of where incomes go. All income needs to be spent or saved or invested one way or the other
11) So abolish income tax and collect one time income tax on all items of expenditure/investment/savings leaving the expenses on day to day living
12) As of the day per capita day to day living to some standard would entail an expenditure of Rs.5000 to Rs.10000 per month (Provisions, transport, health/medicines, power, water, school/college fees so on and so forth. These any way has indirect taxes. Any income over and above would go as saving/investment/gold buying etc. Tax when those transactions are carried by individuals.
My thoughts are pretty simple and I welcome anyone with better sense of finance to refine over this submission.
I would urge the government to abolish mandatory filing of tax returns. Govt may find means to strengthen tax deduction at source as well as making every transaction electronic and transparent and taxed at the point of transaction as applicable. After having imposing tax in every transaction and disbursement, the govt must do away with the futile exercise of mandatory filing of returns. The filing may be done by any taxpayer to obtain refund in case of excess deduction or to claim exemption after deduction etc. This way govt will save the efforts by the I-T deptt to collect and scrutinize ITR by billions of taxpayer across the country. This will save huge amount of governmental expenditure involved in the exercise. This will also save enormouns amount of papers wasted in documentation, proof submission etc, which will inturn have positive impact on the environment and benefit the humanity.
4) Household needs –Consumer durables, comforts (AC etc), entertainment, happy living needs, conveniences so on and so fort
5) Property like house/house plot/land/ resort homes/gold and jewellery so on and so forth
6) Easy liquidity (like short term Fixed deposits)
7) Fixed deposits
8) Insurance investments (Other than insurance cover)
9) Mutual funds etc
10) Like this it is easy to make an exhaustive list of where incomes go. All income needs to be spent or saved or invested one way or the other
11) So abolish income tax and collect one time income tax on all items of expenditure/investment/savings leaving the expenses on day to day living
12) As of the day per capita day to day living to some standard would entail an expenditure of Rs.5000 to Rs.10000 per month (Provisions, transport, health/medicines, power, water, school/college fees so on and so forth. These any way has indirect taxes. Any income over and above would go as saving/investment/gold buying etc. Tax when those transactions are carried by individuals.
