Dear Honorable FM We expect a scientific exemption of income tax for salaried class and it would be 5 lakhs and 6 lakhs for senior citizens keeping in mind of continuous inflations and living conditions of the tax payers.
Dear Honorable FM We expect a scientific exemption of income tax for salaried class and it would be 5 lakhs and 6 lakhs for senior citizens keeping in mind of continuous inflations and living conditions of the tax payers.
Please change the income tax being levied on Guatuity being paid to pvt employees as follows : "If an employee is above 50 years of age and has worked under one company or management (group of companies) for more than 20 years, his guatuity entitlement should be free from tax. However, otherwise the limit can be enhanced from existing 3.50 Lacs to minimum 10 lacs since in the case of government employees it is free from any sealing.
Please change the income tax being levied on Guatuity being paid to pvt employees as follows : "If an employee is above 50 years of age and has worked under one company or management (group of companies) for more than 20 years, his guatuity entitlement should be free from tax. However, otherwise the limit can be enhanced from existing 3.50 Lacs to minimum 10 lacs since in the case of government employees it is free from any sealing.
Please change the income tax being levied on Guatuity being paid to pvt employees as follows : "If an employee is above 50 years of age and has worked under one company or management (group of companies) for more than 20 years, his guatuity entitlement should be free from tax. However, otherwise the limit can be enhanced from existing 3.50 Lacs to minimum 10 lacs since in the case of government employees it is free from any sealing.
There should b same income tax rate for all person whtever his income. If a person is working 20hr a day, carring tensions & then earning money.Why a person will pay 30-40% of his income to govt for wel being of others?
There should b same income tax rate for all person whtever his income. If a person is working 20hr a day, carring tensions & then earning money.Why a person will pay 30-40% of his income to govt for wel being of others?
Points to be considered by the respective Finance Minister before introducing Tax Reforms in April, 2011. 1) I am completely against EET on PPF and EPF i.e. payment of tax at the time of receipt of PPF/EPF money at the end of 15 years / on retirement. It is counter productive to save and then be taxed on a higher amount in the year of receipt of the payment. Also it is unfair to tax the capital on which a retired person is going to survive on. 2) Long term capital gains should also not be taxed like before since there has to be some encouragement for long-term investors who add stability to the stock market. Also it hits the retired person the most when he liquidates his shares to take care of his day-to-day needs. 3) Special care should be taken for the retired and salaried middle class person while approving the Tax reforms and they should be given the maximum thought in these times of supper inflation and hardships. 4) TDS on income earned from investments like RBI bonds and other such investments should be removed since it is very tedious and time consuming for a retired person or even a younger person to get refund from the IT dept.
I really hope that the finance minister finds time to read this and finds a way to make life a little more bearable for the retired and salaried middle class who forms the real backbone of our economy.
Points to be considered by the respective Finance Minister before introducing Tax Reforms in April, 2011. 1) I am completely against EET on PPF and EPF i.e. payment of tax at the time of receipt of PPF/EPF money at the end of 15 years / on retirement. It is counter productive to save and then be taxed on a higher amount in the year of receipt of the payment. Also it is unfair to tax the capital on which a retired person is going to survive on. 2) Long term capital gains should also not be taxed like before since there has to be some encouragement for long-term investors who add stability to the stock market. Also it hits the retired person the most when he liquidates his shares to take care of his day-to-day needs. 3) Special care should be taken for the retired and salaried middle class person while approving the Tax reforms and they should be given the maximum thought in these times of supper inflation and hardships. 4) TDS on income earned from investments like RBI bonds and other such investments should be removed since it is very tedious and time consuming for a retired person or even a younger person to get refund from the IT dept.
I really hope that the finance minister finds time to read this and finds a way to make life a little more bearable for the retired and salaried middle class who forms the real backbone of our economy.
Tax payers must have choice of EET or TEE. Govt should not impose EET in Direct Tax Code. Furhter, there should be uniform defination of 'Sr. Citizen' for all applicable benefits/laws and 'TDS' should not be aapilcable to investment of 'Sr. Citizen'
