One cannot understand why the law is been complicated..For salaries income govt. can simplify it significantly...Like- for income from salary tax can be exempted upto 5 lacs...above 5lacs 10% can be taxed ..all allowances like conveyance,medical,LTA,HRA,can be withdrawn...this will simplify the proceedings significantly,if at all there is any loss of revenue-it will be an insignificant amount.
It is strange that the foolish Finance Minister is expecting absolute honesty from the salaried class while being totally lenient when dealing with the unscrupulous Corporates. This makes it rather obvious that the BJP has an axe to grind.
Re: Re: IT
by Vascado on May 07, 2016 01:22 PM
Ha Ha Ha !! Of all, do we need to hear sermons from Jaitley on the vices of cheating !?
He first needs to explain to this Nation his dubious role as DDCA President over which he is facing allegations of malfeasance. He also needs to explain as to how he has accumulated assets worth over Rs. 400 crores and while submitting his tax returns and filing his affidavits, he always manages to give two sets of figures contradicting one another.
It seems that Modi Govt doesn't trust salaried taxpayers (who are there Voters during 2014 elections?). Again and Again Modi Govt is putting burden of declarations on salaried taxpayers. Initially EPFO now Income Tax
These all new rules are implementing who is honestly paying their income tax regularly but there are some people who is not paying income tax after earning Crores of rupees special village area for them no Rules.
Re: regarding incometax
by janga sridhar on May 05, 2016 09:57 PM
If you are Honestly paying taxes what is wrong then? You should not worry at all. The new rules are only for the dishonest among us.
There is nothing new in this. These seem same old rules - which are anyway collected when the claims are submitted unless there is something that govt is hiding/written in fine print - which is not published here. Out of 125 crores people only 3 crores file IT returns honestly. Even if there is they try to hide something, govt loses may be in thousands or worst case in lakhs. However Govt is not doing anything for the defaulters who need to pay nearly 550,000 crores. For the sake of showing some thing Govt caught a "small fish" called Mallaya who needs to pay 9000 crores. What is the govt doing for the public sector companies which have defaulted? Are the babus made responsible?