Income Tax exemption and 80C, 80D and other exemption including home loan should be linked to the inflation rates declared by the giovernment agnecies. If inflation goes up exemption automatically will be up and so if the limits for 80C and 80D. Mediclaim insurance has rose more than 80% in the last 5 years medical expenses have rosen more than 100% every two years but the limit in 80D is the same for more than a decade.
By making PAN compulosory for interest income above 10,000 Govt. is just harrassing the common man and the senior citizens. When the basic exemption limit itself is 150,000 there is no logic for this rule. First catch hold of big amount of black money involved in real estate, share market and some huge deposits kept in Bank SB/Current/term deposits (say above 25 lakhs above). I hope finance minister will rectify the mistakes and uses his thinking power to unearth the black money.
By making PAN compulosory for interest income above 10,000 Govt. is just harrassing the common man and the senior citizens. When the basic exemption limit itself is 150,000 there is no logic for this rule. First catch hold of big amount of black money involved in real estate, share market and some huge deposits kept in Bank SB/Current/term deposits (say above 25 lakhs above). I hope finance minister will rectify the mistakes and uses his thinking power to unearth the black money.
By making PAN compulosory for interest income above 10,000 Govt. is just harrassing the common man and the senior citizens. When the basic exemption limit itself is 150,000 there is no logic for this rule. First catch hold of big amount of black money involved in real estate, share market and some huge deposits kept in Bank SB/Current/term deposits (say above 25 lakhs above). I hope finance minister will rectify the mistakes and uses his thinking power to unearth the black money.
Honourable Finance Minister Sir, The audit limit of Rs 40 Lakhs was fixed almost 3 decades back and with such price rise and inflation, I feel that this limit should be atleast 2 crores. Also the allowed cash transaction limit of Rs 20000 per day per person may be adjusted with current valuations to Rs 50000.
Honourable Finance Minister Sir, The audit limit of Rs 40 Lakhs was fixed almost 3 decades back and with such price rise and inflation, I feel that this limit should be atleast 2 crores. Also the allowed cash transaction limit of Rs 20000 per day per person may be adjusted with current valuations to Rs 50000.
Dear pranab babu,,now tht u have more than 3 crors of people paying incomtax,i wish to say, now there is no difference between two individuals one paying IT promptly and other not paying, when both retire at their age60 , and if both are worth 3 crores whts the difference between them,i suggest the GOVT., to return 10-15% of IT tax paid amount say for sincer payment of IT for 25 year with an honour(if there is no enquiry/penalties levied aganist an individual) by doing this i feel more and more people will pay honestly
Re: Refund of imcometax
by manoj rawat on Feb 11, 2010 10:03 AM Permalink
they have a problem while returning the EPF... do you think they will ever return this non-refundable amount ?
First of all a committee is formed during Dec end and they go thru. all the technicalities of the budget preparation as per the inflation, the income in general, the cost of living, the living standard in general, the percentage of the BPL etc. Once everything is finalised, the prepare the budget taking into perspective the GDP etc. This is then submitted to a Planning commission and the finance minister by Mid of Feb. Alterations etc are made and the budget is almost ready by 20th.
After that the FM, checks the rediff website and collects all the valuable inputs from the site including the user requests and other reports like the comparison between Swift and i20, why Dhoni lost etc. and then based on these the changes are made.
So if you wish to have your say in the budget, post something on rediff. It is sure to find its way into budget
The following are the message towards Income Tax for individuals: 1. Rate of Income Tax is to be considered. For income upto 2,50,000.00 No TAX 2,50,000.00 to 7,50,000.00 10% 7,50,001.00 to 15,00,000.00 20% 15,00,001.00 and above 30% 2. Limit ot be enhanced from 1,60,000.00 to 2,50,000.00. 3. 80C deduction to be enhanced from 1,00,000.00 to 2,00,000.00. 4. Home loan interest to be raised from 1,50,000.00 to 2,00,000.00.
1. Extend microfinnace to rural India with PPP model 3% interest --min loan 2000 max 10000 with 2 years term 2. Introduce GST with 12% indirect tax for all commodities -remove cst,local tax ,octroi,state level entertainment tax 3. 60% collection to stay in state and 40% for central-a software will automatically shift fund of 40% to central --all banks should introduce such system 4. No tax upto 5 laks earning and beyond 5 a simple 15% tax with tax releif for 2 lakh on deposite to PF,Pention fund,Insurance only 5.Housing loan upto 30lakhs --15% tax releif 6.Agriculture --upto 10 acre land earning --no tax and beyond 5%
