problem is not with the tax rate, problem is that the millionare will not pay tax as they can hide, but only the poor salary class has to pay the tax.
Second is i will not mind paying the tax provided government will utilist the money in proper way and not waste in making useless governmental institutes or corruption through the buying thins etc. then i wil not mind giving 1000.00 rs. more towards tax on and over my regular tax... think baby think.
Dear FM Sir, In india most of the peoples are middle and lower class people only and most of the middle class people only paying more tax, so tax limitation shold increase from 1 lac to above 3 lac. and most of the business man, politicians. not properly submit their taxes. if collect tax properly from others like Salaried peoples known, india definetly will grow.
why it is only for salaried individual to bear the income tax, cess, professional tax and doble taxation/servics tax burdon. as giving only tax examption will not be the relief for us. u have to other mesaures to collect the taxes from those who are earning significatly more and not giving any tax to GOI.
the tax free slab should be Rs. 200000/-, because GOI of india have no right to charge more tax only for salaried one, more over GOI in most been unable to provide the facility, basic need that could have been drawn from the amount taken in the form of tax.
Income tax limit can be raised upto 2,00,000/- from the present level of Rs 100000/- and also giving concessions to the senior citizens by reducing the age to 60 years and giving maximum benefit to them.
RE:Income Tax
by naushad shaikh on Feb 22, 2007 02:36 PM Permalink
dear , sir the present tax structure is not in favour of the common man ("AAM AADMI")tax exemption level should increase to 1.5 lakh which could create along term investment for upto 3years instead of 5years . the present level of 1 lakh should be scrap and be change . !!! naushad shaikh
RE:RE:Income Tax
by potlacheruvu rao on Feb 26, 2007 09:03 PM Permalink
YES; THE MINIMUM EXEMPTION LIMIT SHOULD BE RAISED TO 1.5 LACS AND THE SLAB RATES ARE TO BE REDUCED TO 5%, 10% AND 15% RESPECTIVELY. THIS WILL DEFINITELY BE A DREAM BUDGET FOR THE COMMON MAN
R/Sri.Chidaramji, Please you should focus high income i.e.more than 5 lakhs. I hope you should give handsome gift to Middle class people in Tax rebate. Day today increasing poverty, illeteracy, jobless young people,lack of foods,shelter and water. You tax on BPO Co.definately in futre India is no.1. in world. Anil Mahadeo
The limit on tax exemption can be fixed at a fair level of Rs 1,50,000/= to Rs 2,00,000/=. But the tax rates can be cut down on the second and third slabs and surcharge relaxed. This will will attract more persons to come within the purveiw of Income Tax structure.The citizens must be welcomed with arms open. The IT officers and the govt. must take necessary steps to erase the opinion on the tax department and officers as demons and enemies.OK, but are there any fool proof methods to compulsorily bring in the business class in to the tax purveiw?
The Hon.FM should definitely do something for the sr.citizens, who after 60 years cannot find any other source of income except pension. After all govt.is for the welfare of the people.n.r.subramanian.
The entire nation is sitting with fingers crossed expecting some good news from you in this budget.
Looking at the costs of essential commodities,inflation rate increase,housing and personal loan rates going up,deposit rates coming down,the common man is taxed to a great extent.
My suggestion is that the FM should increase the basic exemption limit to Rs.2 Lakhs keeping in view the rising rates.
If nothing materialises in this budget such as something above,Iam sure everyone is going to conceal their incomes and reduce their tax burden by whatever means.
As per the budget in 2006-2007, only 1 lakh was allowed for Tax Excemption. This should be increased to atleast 1.5 lakh.
More over people who are paying Tax should be given some benefit in future say atleast after retirement,.. This should attact more people to pay their tax.
Do not charge on the withdrawals of PPF, EPF,.. this is like fooling people, first asking them to invest to save tax and later taking tax on maturity,.. This is incorrect,.. How long could you fool people,
Rather encourage them and give some benefit during their retirement life.
Instead of Mr.Chidambaram thinking of raising deduction u/s 80 C to Rs.150000/- he can reduce the income tax rates to 5 % 10% and 20% maintaining the same slabs.
Investing Rs.150000/- to save tax means an outgo of Rs.12500/- p.m. which an average middle class employee cannot afford.
This proposal can be adopted for one year and can see the response from the public.Iam sure it will be a definite success.
