There is no use of telling anything to FM as the ministers hardly bother about common man problems. It will be better if FM impose heavy tax on common man and distribute it among all the useless ministers to increase thier blac money without doing any more scam.
Re: Abolish Income Tax...
by Krishna on Feb 09, 2010 10:15 AM Permalink
Remove Rs 500 and Rs 1000 currencies from circulation. Incentivize electronic transactions. This will reduce the black money.
The salaried and pensioners are worst affected as IT is deducteda t source. Businessmen escape and avoid IT to a large extent. Spiralling prices shd be taken into acct and salaried and pensioners charged at 20% instead of at 33%(inl cess).
Hospitalisation shd be allowed in any hospital not necy under sec 17.2 only.The limit must be increased to 2.00 L.A benefit of 1L must be allowed for domicilliary/at home treatments.
Rental income must be exempt upto 2 L.The expenditure on regn must be allowed as deduction from income.
Maid/male servant wages must be allowed to be deducted from income.As also, utility bills of residence.
Parents over 75y being taken care of by son may be allowed exemption upto 2L per year.
since interest on FD is just 6.5% pa, the interest income upto 5 L may be exempted for pensioners/retired.Rising p[rices are not being acct in the budget.
The salaried and pensioners are worst affected as IT is deducteda t source. Businessmen escape and avoid IT to a large extent. Spiralling prices shd be taken into acct and salaried and pensioners charged at 20% instead of at 33%(inl cess).
Hospitalisation shd be allowed in any hospital not necy under sec 17.2 only.The limit must be increased to 2.00 L.A benefit of 1L must be allowed for domicilliary/at home treatments.
Rental income must be exempt upto 2 L.The expenditure on regn must be allowed as deduction from income.
Maid/male servant wages must be allowed to be deducted from income.As also, utility bills of residence.
Parents over 75y being taken care of by son may be allowed exemption upto 2L per year.
since interest on FD is just 6.5% pa, the interest income upto 5 L may be exempted for pensioners/retired.Rising p[rices are not being acct in the budget.
The salaried and pensioners are worst affected as IT is deducteda t source. Businessmen escape and avoid IT to a large extent. Spiralling prices shd be taken into acct and salaried and pensioners charged at 20% instead of at 33%(inl cess).
Hospitalisation shd be allowed in any hospital not necy under sec 17.2 only.The limit must be increased to 2.00 L.A benefit of 1L must be allowed for domicilliary/at home treatments.
Rental income must be exempt upto 2 L.The expenditure on regn must be allowed as deduction from income.
Maid/male servant wages must be allowed to be deducted from income.As also, utility bills of residence.
Parents over 75y being taken care of by son may be allowed exemption upto 2L per year.
since interest on FD is just 6.5% pa, the interest income upto 5 L may be exempted for pensioners/retired.Rising p[rices are not being acct in the budget.
The salaried and pensioners are worst affected as IT is deducteda t source. Businessmen escape and avoid IT to a large extent. Spiralling prices shd be taken into acct and salaried and pensioners charged at 20% instead of at 33%(inl cess).
Hospitalisation shd be allowed in any hospital not necy under sec 17.2 only.The limit must be increased to 2.00 L.A benefit of 1L must be allowed for domicilliary/at home treatments.
Rental income must be exempt upto 2 L.The expenditure on regn must be allowed as deduction from income.
Maid/male servant wages must be allowed to be deducted from income.As also, utility bills of residence.
Parents over 75y being taken care of by son may be allowed exemption upto 2L per year.
since interest on FD is just 6.5% pa, the interest income upto 5 L may be exempted for pensioners/retired.Rising p[rices are not being acct in the budget.
The tax on income for indivisuals needs to be drastically reduced. For next year it is suggested that FM should implement the model tax code recommendations i.e. the 10 per cent tax rate should apply to an annual income of Rs 1.6-10 lakh per annum and the 20 per cent rate to Rs 10-25 lakh. The maximum rate of 30 per cent should apply to income above Rs 25 lakh per annum. This will give big relief to tax payers, Govt's collection will increase and percentage cost of tax collection will reduce drastically.
The tax on income for indivisuals needs to be drastically reduced. For next year it is suggested that FM should implement the model tax code recommendations i.e. the 10 per cent tax rate should apply to an annual income of Rs 1.6-10 lakh per annum and the 20 per cent rate to Rs 10-25 lakh. The maximum rate of 30 per cent should apply to income above Rs 25 lakh per annum. This will give big relief to tax payers, Govt's collection will increase and percentage cost of tax collection will reduce drastically.
For married couples, there should be optiion of joint filling of returns. Also they should have option of combing availing tax Rebate and Income tax exemption/deduction
