Does anyone got 2007-08IT returns.. IT department is always one - way. They ready to detect TAX at source. but not paying my IT returns for last 1.5 years. Is there anyway to check IT return status online. The have to pay me the interest.
Why we pay tax - to have a better living. 1. Yes I will agree that with the new tax system we are paying more tax. But I think we don't mind giving tax. But provide us the quality for which you are taking the money i.e (i) Better Roads - If you are collecting tax for better roads then why are u making TolL Tax - not able to understand the concept. (ii) Education to the people (most of the people follow the movies and try to act the same. See the cab drivers and auto rickshaw person) (iii) No Corruptions in govt offices (without bribe they are not ready to listen forget about talking. Even to attestation of our documents this lawyers takes 30/- from us) (iv) No Service tax should be levied - (you are taking tax from us and shopkeepers. In term shopkeepers add their tax amount when they bill us, so indirectly who are salaried they are the only person who is paying tax.) (v) Price rise of the general commodoties - are you aware that how we are managing to stay our livelihood. For poor person their is control system while as rich people they can spend any amount of money to buy. But where we will go who earns limited money for the month and after levying tax in makes burden for us only. (vi) I think you can take tax like this slab 1.6 - 10 L - 2%, 10 L - 30 L - 20%, >30L - 40%. This will atleast ease us to have our daily life go easily as the price rise. Maximum Indians are in the salary range of 10 laks probably some 40% of Indian earning population.
irespective of all the investment and other things, u giv the limit upto 6 L or 10L, if income per indvidual is more than that limit straight away collect tax either 10%, 20% 30% and particularly from politicians @ 50%.
Pl avoid the pvt sector employees from the tax ring as the govt. is not doing anything for them. If a pvt sector employee loss his/her job what the gvt. do for them, when they draw salary they will ask for the tax payment what a contradiction it is!
PPF why the FM wants to make the comman man fool by imposing the tax on poor man's investment? Please do not implement such an option wich is harmful for the poor man. PPF investment is from poor ppl, wealthy ppl will invest in swiss bank, why you are not asking tax from them, because if then you will also a big losser.
home loan exemption removed. Because due to this exemption, Govt kind of encourage people to go on debt. This would only encourage builders to hike prices.
lets do some maths: under current system, let a person earns 6 lakhs per annum. He saves 1 lahks under section 80c. He gets tax benefit on 10,000 rupees per month due to HRA exemption (so total 1.2 lakhs per year) Net taxable salary= 6 lakhs- 1 lakhs- 1.2 lakhs = 3.8 lakhs Tax paid on this= 10% from 1.6 to 3 lakh = 14000 20% from 3 to 3.8 lakhs = 16000 =30,000
under new tax code: HRA is not covered under tax limits. So assuming same saving pattern, net taxable salary = 6 lakhs- 1 lakh = 5 lakhs Tax payable= 10% from 1.6 to 5 lakhs = 34,000
So u end up paying more under new tax code. Now some people might say that u can save taxes on upto 3 lakhs by investing. Well, if a person earning 6 lakhs per annum has a family to support, how do u expect him to save 3 lakhs per annum? Also, the tax benefits for home loan payment have been removed under the new tax code. So, it means further losses for ppl who have taken house loans. Even under the 3 lakhs saving bracket, there is no provision to save tax by showing principal paid on house loans.
