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
At present tds on interst is 10% if it crosses limit of rs 10000/- per annum. To me a sum of rs 10000/- earned annually is just a nominal amount to be taxed.In simple words income is less then rs 1000/- a month It is just making a mockery of common laymen particularly poor people who are wholly dependent on fixed monthly income. I request to increase this limit to at least Rs 50000/- though practicably it should be rs 100000/- annually
The present limit is Rs. 15000 although actual expense is much higher especially in case of combined family's health insurance. This type of insurance is taken by those who have no reimbursement facilty for medical treatment from their employers. Hence the amount of premium on medical insurance is dependent on one's need to protect family's medical necessities and no luxury at all. In fact, I, being a retired, spend around Rs. 20000 per year for Mediclaim worth Rs. 3 lacs each for myself and my wife. Therefore, the actual spending ( instead of limitation )on this score may please be exempted under Section 80D
There should be some discount in the tax pay amount for the employed persons who have :- 1. Track record that they are paying regular taxes 2. This should be valid for the only for persons whose tax is deducted at source.
In a nutshell i would like to propose to lower the tax for the common working man.
Also the non taxable income should be raised for the persons staying in Metro's like Delhi , Mumbai, Chennai, Kolkatta...This percentage should be directly proportional to the inflation index in that city...meaning it should be variable as per the residence of person. This helps the common man staying in Mumbai who incurrs for e.g more expense as compared to the person staying in Nasik, Nagpur to maintain the same living standard
1) while levying tax it should be kept in mind what's the per capita income of country, current per capita income of India is Rs 38,084 (Per capita income is usually reported in units of currency per year).
2) People who are in favour of tax exemption should keep in mind that if they are earning more, that doesn't mean they shouldn't be taxed as its same thing as accumulating essential commodities of country, the point should be to divert the tax money in the right direction. Govt. should see that money should be spread equally in the country. If they are taking tax on income it should be diverted in the right direction.
3) Today every second person is having more than 1 house and more than 1 car. People who own excessive properties and cars should be levied more tax and tax money should be diverted towards providing the same to people who don't have that.
4) Finance should be diverted towards equally providing basic necessities and requirements of citizens of India and it should be made sure to provided to each citizen of country.
5) More tax should be levied to people who have more than 1 children.
6) Govt. should encourage private sector to setup industries in the areas like Bihar, UP, Orissa and adjoining areas of metro cities etc. If more education opportunities, more employment opportunities and more business is in other areas than metro cities then 50% of problems of countries can be solved.
7) Govt. should be careful for Old people who don't have shelter and inc
The cost of education has been rising steadily. The annual tution fees for Primary and Secondary is almost Rs. 25K these days ( non aided schools). There should be some deductions allowed for these expenses. Also should consider something similar to the 529 Plans in the US.
1. Home loan interest should be reduced to 6% instead of 8% or more charged by banks which will definitely improve house building activities throughout India and thereby more employment will be created and so purchasing capacity of the people.Also land ceiling act should be introduced to curb acculation of land and house. 2.Allotment of funds should be more for agriculture sothat foods production will be increased and thereby price of commodity will be controlled. 3. Government will take the responsibility of constructing house building for cheap rates for poor people and should deduct money from the salary with min interest 4. Govt should implement small family norms throughoput India by giving incentives by way of free education
Re: some important points for development
by Vishal Yadav on Feb 09, 2010 09:08 PM Permalink
In the Terrorism every thing is possible by IT DONS they have 7th sense in the Bangalore IT. Bangalore IT Dons are depositing Billions & Billions of dollars to escape from india.
Indian GOVT should seize all their passport & asset in case of war & country crisis. Indian IT Talent is the assest of Country not the assest of Bangalore IT DON.
They can't exploit any more !!!
If Bangalore IT try to play same game of unnecessary firing in other country like europe, America, Gulf they will KIKOUT From their country.
Even European, american Human right organization taking strong steps against these companies.
Allow Individual salaried people like us to obtain input tax credits as well like it is allowed for filing the return of the any business firms, with Online possibility of reconciliation. I.e - if someone paid INR 100 as VAT/Service tax it should be available online within next 3-4 days using Internet. This will ensure that business houses are paying taxes transparently and individuals like us are also getting benfitted.
Once the disipline is in place it is going to be win win situation for all three. (Individuals, Govt, and getting the transparancy in place.)
Allow Individual salaried people like us to obtain input tax credits as well like it is allowed for filing the return of the any business firms, with Online possibility of reconciliation. I.e - if someone paid INR 100 as VAT/Service tax it should be available online within next 3-4 days using Internet. This will ensure that business houses are paying taxes transparently and individuals like us are also getting benfitted.
Once the disipline is in place it is going to be win win situation for all three. (Individuals, Govt, and getting the transparancy in place.)
