It is only a treason by the government that they take away taxes in all sorts of methods from the common man exempting the politicians. A common man pays Income Tax and then with the left out money he pays sales tax, excise duty, customs, land tax, vehicle tax, road tax, water tax, development tax, toll tax, cess, surcharges, funeral tax, service tax, etc. Most of the taxes are in multiple points - hotelier pays taxes on grains and pulses and adds it to cost of the food while the customer pays all the taxes while consuming the food. This way there is no end to taxes and most of the money collected is misused by way of subsidies and waivers for political benefits of rulers. Take onlly one tax on the whole and leave everything else tax free.
More importantly, taxes on any item is increased any day throughout the year, but when it comes to regulation / reduction it is planned for two years in advance. Why not implement the new code immediately?
ON ONE SIDE HE DECLARES SOME DECREASE BUT ON THE OTHER WANTED TO AXE? POOR PEOPLE NOT ABLE TO UNDERSTAND ANYATHING? TAXING PF, PPF, INSURANCE ACCUMULATION MEANS WHAT? EVERY BODY IS LIABLE TO PAY MORE TAX THAN HE IS LIABLE TO PAY TAX ON YEARLY INCOME? OUR MONEY IS USING BYTHESE HOOLIGANS AND AT LAST WHEN REFUNDED ALSO CUTTING TAXES? IS THIS JUSTICE? CONGRESS GOVERNMENT IS = UNDRWORLD MAFIA. PM = OR NOT = TO DAWOOD BUT SONIA SURELY.
Re: there isnothing
by virat v on Aug 18, 2009 11:47 PM
agreed with mohamed. its just fooling. ppl hv been just shown the rozy side of the code while hiding important aspect of it.
The proposal is good for those who are or were in higher slabs ... And they are true to the Congress culture.. one hand gives and the other hand loots ..Removing the sop for housing loans and other exemptions they are taking back what they promised to give... So Middle Class Salaried Aam Admi back to squre one !!!!!
The practice of enacting a law on taxes by fixinbg a certain amount in Rs.as limits is treachery. After two years these figures like three lakhs will be pittance due to inflation. Taxable income limits should be linked to inflation or price indices.
Re: Know your rulers (KYR)
by Rajan Thomas on Aug 18, 2009 02:01 PM
I mean the price of bread and butter , not the price of God-knows- whats that contribute to negative inflation under Congress govt.
Re: Re: Know your rulers (KYR)
by Mohammed Tuglak on Aug 18, 2009 02:11 PM
congressees are educated illiteratae? they can't understand anything? from the independence day, UP give PM,or very important post orchance to form government. but the education and poverty level in UP is very much worse than Somalia, this is the real face of congress. SHAME BLU33343JDFDCM
New Tax Code by Mr. Pranab Mukherji (Honarable Finance Minister) is clearly shows how congressees loot the aam aadmi. In Election campaign, these thievse misguided us by saying "Congress ka hath aam aadmi ke saath". Do u see anything in this tax code that is with aam aadmi? This is a ridiculous tax code. I request all aam aadmi to oppose this code.
Re: Congress Govt. is thief
by Sumankalyan Ray on Aug 18, 2009 01:38 PM
whoo says cong govt is thief? only some headless chickens will say so,,the new tax code is v good,long live Dr MM Singh
Re: Re: Congress Govt. is thief
by mehul vyas on Aug 18, 2009 01:42 PM
Dear, Its good only for higher income group and not who earns 5l per annum. I think u fall in the higher income group. so, this is good for u.
Re: Re: Re: Congress Govt. is thief
by gunjan pandey on Aug 18, 2009 01:49 PM
Its not like that dear, you should check your information. If your income is 5 Lacs rupees, you have good chance of saving tax by investing atleast 2 Lacs/annum (buy ULIP, MF, Bonds, PPF, NSC, etc), also, claim under sec 10 (like HRA, LTA, Medical, Tuition Fees, Uniform Fees, etc). You will hardly have to pay any tax if your taxable income is anywhere near 4 lacs. If your income is 5 lacs, you may have to pay 5-6k tax. Its fabulous, believe me. Also, it is just a proposal, lot of changes are going to take place.
Re: Re: Re: Re: Congress Govt. is thief
by Akhilesh Dhangar on Aug 19, 2009 09:03 AM
Hold it dear, under new code ur taxable income is going to increase it includes HRA, medical reimbursment, LTA, no deduction for interest on home loan, ur going to taxed on maturties at end eg if u take policy of 5L pay tax 50K on it "what a same". It will benefit only peson who has higher income.
Re: Re: Re: Re: Congress Govt. is thief
by mehul vyas on Aug 18, 2009 03:53 PM
Dear Pandey, You invest in various schemes to save tax. but what happen when you withdraw the money? These thieves imposed tax on that also.
Re: Re: Re: Re: Congress Govt. is thief
by asad hgjkf on Aug 19, 2009 07:53 PM
Pandey Bhai, If a person is earning 5 lakhs per annum, and has a family to support, how do u expect him to save 2 lakhs per annum? Also, HRA, medical, tution fees, uniform fees, everything is taxable now (only LTA is spared). There is no benefit for interest paid on house loans.
Re: Re: Re: Re: Congress Govt. is thief
by Nimit Sheth on Aug 18, 2009 02:18 PM
wait and watch... i dont think there will be much benefits coming out this code.... it will not make much diffrence to people in mid income group..
Re: Re: Re: Re: Re: Congress Govt. is thief
by Subbarao RN on Aug 18, 2009 05:54 PM
The new tax code is extremely bad, people who dont have a house, will never buy a house as no tax benifits,who already brought will sell his house and live in rented houses, people who already have a house and buy's a second home then he will get the tax benifit on int/principle payment. wow what a tax code making poor to more poor and rich to more rich. If you dont have money to survive ( with this high food prices) how u will invest 3L in savings...remember when ever there is change in tax code, it is for the sake of rich ppl because those rich ppl. can help congress to wil again.
New tax code was the brain work of Mr. Chidambaram. Who is very well known to extract/suck from the employees. New tax code do not have any kind of relief to employees but another kind of sucking blood of honest tax payers.
Re: Higher Tax
by Akhilesh Dhangar on Aug 19, 2009 09:06 AM
very well said, one one hand salaried employee is looted by taking various exemption ending up with paying more taxes & on other hand tax rate of companies is reduced by 7%
There will be no exemption for the interest over housing loan; one must think that every body gone for home loan minimum for a period of 20 years, the govt. introduce the exemption , then more number of peoplehad taken home loan by adjusting there tax out go. now suddenly it is being stoped then it wil make more impact on every bodies budget. The govt. must not take this kind of steps.
Re: new tax code impact
by Indian on Aug 18, 2009 01:56 PM
Even after scrapping the Home loan benefits, you are going to save more with the new tax code. Do your calculations before commenting. Some people have the habit of complaining.
Re: Re: new tax code impact
by ramamurthy narayanaswamy on Aug 18, 2009 02:06 PM
Mr Indian, 50% of Basic which exempted as HRA in metric is no more available.. consider this in yr calculations...
Re: Re: Re: Re: new tax code impact
by asad hgjkf on Aug 19, 2009 07:55 PM
Yes u can. If the stay in a rented house which is at a different place where ur own house is.
