My suggestion to the Hon'ble FM is that Income Tax has to be charged to all the earning members and there should not be any deduction / allowance on account. Few earning members whose gross income is around Rs.3.00 lacs, they get the benifit under investments, HRA and Housing interest. The Income Tax has to be charged to all the earnig members in proportion to their earnings and the tax slab should be Income Tax @ 2% for the gross income between Rs.1/- to Rs.2 lacs. And @ 4% for the gross income between Rs.2 lacs to 4 lacs. And @ 7% for the gross income between Rs.4 lacs to Rs.7 lacs And @ 10% for the gross income between Rs.7 lacs to Rs.10 lacs and finally At 15% for the gross income above Rs.10.00 lacs.
