I wonder who invented the current HRA calculations. No one can get the tax exemption for the actual amount HRA being paid, because of the rule 10% above from the basic. Which is always less then actual HRA paid or Actual HRA received. So people started to lie to get their tax benefit for the actual amount paid
Clearly means cunningness of the Govt. Put every Indian under tax net, fill up the houses of politicians and Babus, make people more and more slave without putting any accountability on Officers.
Deductions related to 1. House Rental 2. Insurance 3. Housing EMIs 4. Medical etc. 5. Fixed Deposits..
Simply reduces taxes to 20%. Indians wait huge amount of time every year trying to save a few hundred or thousand rupees, and ultimately it is a nation wide wastage of time. Its not productive activity.
Reduce Taxes. Make them Uniform. Remove all IFs and BUTs. Make it Transparent and Easy. Request not Harass people.
Do the above: Tax Complaince will Double. Tax Collections will Double.
Why have the Endowment policies included under the EET? The returns from endowment insurance policies are very low and if it is taxed at the end of the term, then what the policy holder will get is just the accumulated total of the premiums paid. This is crazy. The policy holders are already getting taken for a ride by the insurance agents and now the govt joins the bandwagon.
We understand that only 10% of the working population are in the Organised sector. They have no ways to hide their taxable income. Also there are 'double income' families. Again, all such people are not entitled for Pension after retirement as some may shift jobs to non-pensionable companies, some may lose jobs after having paid income tax for a number of years etc. Therefore, there should be a 'pass-book', like in banks etc., system started to account for the tax payed till such time and on superanuation Govt. must ensure to provide a certain percentage of the cumulative tax collected as 'Monthly Pension'. This scheme will also encourage more people to pay their tax dues honestly.
Re: Income Tax Account
by Bhupinder Singh on Aug 23, 2010 02:12 PM
those people who paid texes for five year should have insurance of bad day otherwise majority of people dnot pay because they dnot see it right to give chor politician to siphon off in commison and forgery weaponary dealing,,
