The best is abolition of Income tax. Next best is abolition of income tax for individuals. Next best is having a 5% uniform tax for Rs.10 Lakhs per annum and above. The Limit of Rs.10 lakh per annum shall be subject for upward movement based on review every two years. If these IT changes are not possible, it would be good if slabs are changed to 3 to 5/ 5 to 10 / 10 to 15/ and >25 lakhs with tax liability of 2%/ 5%/8%/12% and 15%. This would result in best tax compliance and more disposable incomes both for 5/15/25 lakh earners and all business/industry and service establishments and corporate. This if not immediately, in about 3 to 5 years time will boom the welfare of the country that is very high growth of economy (9% ), great surge of consumer lead growth across all sectors, low interest rates regime, virtually increase in all kinds of indirect taxes (individual related to business transactions relate such as excise etc) and thus employment and livelihoods to all. As of today total tax payers in India are about 3.40 million approximately. A rough estimate suggests that the changes in IT slabs and rates as stated above would lead to a tax collection of about Rs.1000000 (One million crore) as against present (3 4 = Rs.8 lakhs crore = Individual Corporates etc).
Re: Income tax change:Slabs and Tax rates
by sathyam guda on Feb 10, 2010 01:08 PM Permalink
Tax payers are 31.4 million (above 3 crore. Wrongly put in my above message as 3.4 millon
No tax redemptions or exemptions. Say a 2% IT mandatory of Gross Income to all from their monthly earnings. So that the Govt. may have sufficient money rotation instead of waiting till the financial end of the year.
No tax redemptions or exemptions. Say a 2% IT mandatory of Gross Income to all from their monthly earnings. So that the Govt. may have sufficient money rotation instead of waiting till the financial end of the year.
since it is a very long time investment and returns also are not so good now FM should desist from making intrest taxable. india has no social securities hence whtever people can save should not be touched as it is a contributer to the economy
the transport allowance given to all salaried employees should be completely tax exmpted instead of only Rs.800/month. At present central govt. employees are getting a max. of around Rs4,000/month as transport allowance. This should be exempted from income tax
Re: transport allowance
by Ajay Jankar on Feb 10, 2010 01:03 PM Permalink
for physically handicapped , who cannot use public transport system, the travel cost should be exempted on actuals or Govt. should make their travel cost free. A coolie charges 300 Rupess to get you out of platform on wheel-chair or vice versa if you are travelling by Rajdhani. Rupees 150 is travelling by sleeper class. Autorikshaw driver hold handicapped to ransom as they know thes people have no option to walk away or use public transport especially in villages and Thane dist. A car and driver hired for a month costs 25000 rupees. No Ramps are provided by Govt. in Railway stations to cross platforms,in govt. buildings,offices thus the scope of employment is very narrow for us but Govt. canningly snatch away the hard earned income earned by Handicapped people. Hope rediff will take up our cause.
i) No tax for income upto 300000 ii) 10% tax for income of more than 300000 to 1000000 iii) 20% for more than 1000000 iv) 80c limit to be raised to 200000 v)interest on housing loan to be totally deducted from taxable income. vi) payment of principal amount on housing loan to get separate deduction from taxable income other than 80c. ambreesh misra
i) No tax for income upto 300000 ii) 10% tax for income of more than 300000 to 1000000 iii) 20% for more than 1000000 iv) 80c limit to be raised to 200000 v)interest on housing loan to be totally deducted from taxable income. vi) payment of principal amount on housing loan to get separate deduction from taxable income other than 80c. ambreesh misra
Income tax should be liable on every citizen of india on only salaried & It's limit should atleast 3lakh so that persons who started there career early can survive in metros.
i) No tax for income upto 300000 ii) 15% tax for income of more than 300000 to 1000000 iii) 25% for more than 1000000 iv) 80c limit to be raised to 200000
