I feel the income tax should be charged to all the earning members and there should not be any deduction / allowance on any account. When a person's gross income is Rs.3.50 lacs, and when we compute his taxable income, it comes to less than Rs1.60 lacs and there is no tax payable by him. Assume in a House there are 4-5 persons whoose taxable income is less than Rs.1.60 lacs, they do not pay tax. Therefore my views the Income Tax has to be charged to all the earning members in proportion to their earnings. I feel the income tax slab should be restructured. Income Tax at 3% for the gross income between Rs.1/- to Rs.2 lacs. Income tax at 5% for the gross income between Rs.2 lacs and Rs.5 lacs. Income tax at 7.50% for the gross income between Rs.5.00 lacs and 7.50 lacs. Income tax at 10% for the gross income between Rs.7.50 lacs and Rs.10.00 lacs and Income tax at 15% for the gross income above Rs.10 lacs
My suggestion to the Hon'ble FM is that Income Tax has to be charged to all the earning members and there should not be any deduction / allowance on account. Few earning members whose gross income is around Rs.3.00 lacs, they get the benifit under investments, HRA and Housing interest. The Income Tax has to be charged to all the earnig members in proportion to their earnings and the tax slab should be Income Tax @ 2% for the gross income between Rs.1/- to Rs.2 lacs. And @ 4% for the gross income between Rs.2 lacs to 4 lacs. And @ 7% for the gross income between Rs.4 lacs to Rs.7 lacs And @ 10% for the gross income between Rs.7 lacs to Rs.10 lacs and finally At 15% for the gross income above Rs.10.00 lacs.
My suggestion to the Hon'ble FM is that Income Tax has to be charged to all the earning members and there should not be any deduction / allowance on account. Few earning members whose gross income is around Rs.3.00 lacs, they get the benifit under investments, HRA and Housing interest. The Income Tax has to be charged to all the earnig members in proportion to their earnings and the tax slab should be Income Tax @ 2% for the gross income between Rs.1/- to Rs.2 lacs. And @ 4% for the gross income between Rs.2 lacs to 4 lacs. And @ 7% for the gross income between Rs.4 lacs to Rs.7 lacs And @ 10% for the gross income between Rs.7 lacs to Rs.10 lacs and finally At 15% for the gross income above Rs.10.00 lacs.
My suggestion to the Hon'ble FM is that Income Tax has to be charged to all the earning members and there should not be any deduction / allowance on account. Few earning members whose gross income is around Rs.3.00 lacs, they get the benifit under investments, HRA and Housing interest. The Income Tax has to be charged to all the earnig members in proportion to their earnings and the tax slab should be Income Tax @ 2% for the gross income between Rs.1/- to Rs.2 lacs. And @ 4% for the gross income between Rs.2 lacs to 4 lacs. And @ 7% for the gross income between Rs.4 lacs to Rs.7 lacs And @ 10% for the gross income between Rs.7 lacs to Rs.10 lacs and finally At 15% for the gross income above Rs.10.00 lacs.
The income Tax should be made simple and all the earning members are to be taxed and there should not be any deductions on any account.
The Income Tax at 1% to be charged for the gross incomes (no deduction on any account) between Rs.1/- to Rs.3 lacs.
And at 3% from Rs.3 lacs to 5 Lacs at 5% from Rs.5. lacs to 7 lacs at 7.50% fron Rs.7 lacs to Rs.10 lacs and finaly at 10% for any gross income above Rs.10 lacs.
Under section 80C, limit should be increased from 100000 to 200000 The income ranges have gone up very high in the recent times. So, should the tax exemptions be.
