I request to finance minister to in crease the 80C limit to 3 lacs, particularly for private sector employes, who dose one enjoy any adequate social security for old age and working age is reducing day by day. it is no point to pay tax @ 30% in your earning days and suffer in old age.
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.
Dear Finance Minister, I think that if you make a single tax of 4% for income tax for all the people,wheather a person is earning Rs 100 or Rs 100 crore, your tax collection will be much higher than what you are collecting now and no body will try to cheat the tax department
India as a country should bring adequate law for protecting the interest of those working in private sector.Their should be a law so that one fine morning their wont be any Job loss.A notice a six months should be made compulsory.If government sector employees have a life time assurance of job why its not relevant for at least six months.All pay the same TAX.
Dear Pranab Sir please do something to reduce the expenditure on MLAs, MPs and Ministers. We pay heavy tax and with that money Govt. spend on these misnisters. For one MLA, MP or Minister's visit chain of vehicle is engaged. Lots of money is spent on their tour. In Parliament Canteen foods of high standard is given at subsidised rate whereas govt. is reducing the subsudiy on LPG, Petrol etc. Please cut all these expenditure to bring down the cost of essential commodities like Rice, Sugar, Pulses, Oil etc.
The process of collection/deduction of tax from the salary of employees is quite cumbersome.As a result of which most of the employees evade tax payment. I have suggestions: Instead of existing system of computing income tax on salary, let there be a simple method. a) Net Income upto 3.00 Lakh exempted from tax. b) GPF/Insurance etc. deductions upto Rs.1.50 Lakh exempted from tax. b) Income from 3 Lakh to 10 Lakh to be taxed @ 5% of salary and deduction at source. c) Income above Rs.7 Lakh to be taxed @ 10% and deduction at source. d) All the employees whether falling in tax zone or not, should have PAN card compulsorily.
The process of collection/deduction of tax from the salary of employees is quite cumbersome.As a result of which most of the employees evade tax payment. I have suggestions: Instead of existing system of computing income tax on salary, let there be a simple method. a) Net Income upto 3.00 Lakh exempted from tax. b) GPF/Insurance etc. deductions upto Rs.1.50 Lakh exempted from tax. b) Income from 3 Lakh to 10 Lakh to be taxed @ 5% of salary and deduction at source. c) Income above Rs.7 Lakh to be taxed @ 10% and deduction at source. d) All the employees whether falling in tax zone or not, should have PAN card compulsorily.
The finance minister must reduce the service tax on various services to just 5% and simultaneously remove exemptions. This will help common man as well help government garner more revenue.
