Existing system of collection of income tax from the employees is cumbersome.As a result of which most of the employees evade tax payment on one or the other pretext. I have some suggestions to simplify the tax deduction from employees. a) Deposits as GPF/Insurance etc. upto Rs.2.00 Lakh be exempted from tax. b) After deduction of deposits from gross salary, net income of Rs.3.00 Lakh be exempted from tax. c) Income from Rs.3.0 Lakh to 10.0 Lakh be taxed @ 5%, and deducted at source. d) Income from Rs.10.0 Lakh to Rs.15.00 Lakh betaxed @ 10% , and deduction at source. e) Income from Rs.15.0 Lakh and above be taxed @20%, and deducted at source. f) Holding of PAN card should be compulsory for employees whether falling in tax zone or not.
Please cancel the reservations for SC/ST,OBC.They are highly unethical in the first place and expensive with most of the money being spent never going to the required place.In addition to this we are producing a bunch of lazy good for nothing citizens.Of course there are exemptions but we have to agree overall the reservation policies have been a failure for 60 years now its time to think different and do something better for a better society
Imagine how Saudi Arabia is managing without taxing the citizens for their income. In India the most affected class is of the salaried people in term of paying taxes as the IT is deducted at the source. Doctors and Pharmacist business people are making money like anything because it is the area where people never want to take chances. Next come the people in the education line.They are also exploiters for the psychological reasons of a common man who wants to give the very good education to his children. Government is equally responsible for making laws favoring business men in the line of education and health.There must be a greater check on the activities of the tax consultants who are again under the patronage of the legislators for thier vested interests.Government needs to do a lot in the area of taxation policy giving some sense and wisdom to it as i feel taxes of any kind must not exceed 10% in any case.
Dear Pranab babu, I request upon you to abolish TDS on Individual income tax and the reason why I am asking this is due to the fact that most corporates are showing off the taxes paid by them including the individual income tax deducted from the employees. Also higher amount of taxes are being deducted and paid to the Income tax department and then asking the employees to run around the Income tax department for refund of their money. Many a times it is taking years to get back your money from the Income tax department.
Why should all the middle class suffer due to such acts by the corporates?
Also pls simplify the tax structure further to bring out deductions as standard deductions to make sure every individual is treated equally irrespective of their spending and the reason for saying this is due to the fact that Govt supported the idea of Interest on housing loan for as a element of tax calculation purely for minting money from the middle class common man again.
Look at what happened to the middleclass community now. Most of the middle class is suffering the burden of such loans and struggling to repay those amounts due to the recession.
I hope that the business community will be made more responsible as to date I find that most shops and large business do not book their profits and account for less profits or losses and in the process make a lot of money whilst the MIDDLE CLASS EMPLOYEE COMMUNITY always suffers. Its time you do something to change this.....
SIR, KINDLY DO THE FOLLOWING IN THE INTEREST OF COMMON MAN.
1) STOP COMMODITY TRADING ON FOOD ITEMS. 2) LOWER EXCISE DUTY ON ALL FOOD ITEMS, MEDICINE, AND ESSENTIAL COMMODITIES. 3) Increase excise duty on cars and bikes.
SIR, KINDLY DO THE FOLLOWING IN THE INTEREST OF COMMON MAN.
1) STOP COMMODITY TRADING ON FOOD ITEMS. 2) LOWER EXCISE DUTY ON ALL FOOD ITEMS, MEDICINE, AND ESSENTIAL COMMODITIES. 3) Increase excise duty on cars and bikes.
Following are my suggestions 1. No tax is to be levied on Sr.Citizens and disabaled persons 2. No difference between male and female for taxation 3. Refund within one month through ECS compulsory 4. Saral form is to be used for all individuals status 5. Tax table shoild be as per follwing table Rs.1 to 3.00 lakhs Nil 3.00 to 5.00 10% 5.00 to 10.00 20% above 10 lakhs 35% 6. No surchage and any other cess. Tfr whatever tax amt to different ctg's internally 7. Exemption to be removed for Agriculutural income 8. Tax on all social workers like Corporators,MLA's,Khasdar's,Ministers straight 50% 9. Exemption to all Military people in all three catageories. 10. Education is to be free to all indians provide for that activity without any limit
Imagine how Saudi Arabia is managing without taxing the citizens for their income. In India the most affected class is of the salaried people in term of paying taxes as the IT is deducted at the source. Doctors and Pharmacist business people are making money like anything because it is the area where people never want to take chances. Next come the people in the education line.They are also exploiters for the psychological reasons of a common man who wants to give the very good education to his children. Government is equally responsible for making laws favoring business men in the line of education and health.There must be a greater check on the activities of the tax consultants who are again under the patronage of the legislators for thier vested interests.Government needs to do a lot in the area of taxation policy giving some sense and wisdom to it as i feel taxes of any kind must not exceed 10% in any case.
Currently U/S 80C exemption limit is Rs 1Lakh. If that is increased without touching the basic exemption limit to Rs 3 Lakh, the vast middle class will save more by Rs 2Lakhs to save individual tax, which in return is a huge opportunity for the govt to have such funds be invested in various agricuture, industry, power & infrastructure projects.
