Really life is becoming miserable day by day but at the end of financial year it becomes still worse bcoz of IT normal middle class how can he survive by paying these taxes prices are raising to rocketing height but these finance ministers cant understand our problems particularly salaried person bcoz these only will pay IT promptly and there is no other go Mr.FM please concentrate on middle class people not on your class r dont compare with your level come see into our lives how we struggle everyday apply the mind on money saving rather than applying at proffesion due to this only i think not even one bill gates has raised in india Come on wake up Mr.FM. this is the time to wake up.Take some neccessary steps to make life smooth for middle class .
tax exempted should be 1.75 lacs 2.o lacs and 2.5 lacs f0r men women and senior citizens respectively.
as it is very easy for govt to get the tax from salaried persons they are targetting the service people. what about the politician person standing for the corporation is election is having 5 to 10 crores of property, what about them .
With IT booming & salary are very high, people in other field are suffering. By revising tax slabs & reduce the tariffs ,FM can do justice for the people for low salary people. 1) Tax slabs should be revised to 10%,15% & 22% . 1 Lakh limit to be increased to 2 lakhs. 2)HRA exemption to be kept Bhanuprakash
Govt. servants are worst hit class, limited resources, heavy taxation(Direct & Indirect) are the contributors to this. While IT is 20% to Middle level employees and the Service Tax at 12.5% .This has made a back door entry in their miseries. Why should tax payers be further taxed by this new tool. The compensatory allowances like HRA, DA, CCA should not be taxed(In line with recommendation with 5th Pay Commissions' recommendatrion)
The tax exemption limit for senior citizens should be Rs.2.50 lacs and Rs,2.00 lacs in respect of women. Interest earned on bank accounts upto Rs.50,000 should be exempt.
RE:tax exemption
by sri nivas on Feb 19, 2007 04:20 PM Permalink
Any thing should not be stagnant in the world as the constant in the world is change. Cost per day to meet common needs is day by day increasing and Employers also realized the fact and proportationtely standard of salaries gone up. According to me there should be revision for tax tariffs also. I could not understand why interest on fixed deposits and NSC certificates is taxable????
On other hand revenue generated on mutual funds is tax free?????????
1. It curtails economic freedom of people to use the money the have earned in the way they want to spend. Individual spending her/his money is likely to spend it more productively than the government. If you want to know how, ask this question in four situations given below: In what situation is the spender going to collect more relevant information before choosing where and how much to spend money?
A: When spending one's own money on one's own (includes family's) needs?
B: When spending one's own money on others (say donation or acting as philanthrop)?
C: When spending other's money on one's own needs (don't know who could do it but perhaps you will know)?
D: When spending other's money on others' needs (tax collected spent by government)?
The D situation provides least Incentive for the spender to collect relevant Information to make rational spending decisions as Interests of spender are not likely to align with that of 'real spender' i.e. tax payer. So this three 'I's explanation attributed to Milton Friedman helps us argue that you should leave minimum money with the government to allocated through political markets. Hence CUT TAXES.
This is the right time to cut tax rates . The government has been able to garner more taxes in rupee terms than ever before . Prices of all commodities including metals , white goods and properties have gone through the roof . Government consequently has garnered huge collections in Customs , Cenvat and Service taxes . The poor citizen is left holding thin air in his hands . Government enjoys multiple comforts while citizens are slogging it out to make two end meet . Be reasonable before a wave of revolution sweeps away those in power into non entities .
The salarised class is being targetted to collect the income tax mainly in India.Now the time has come to apply and discover the measures so that all the citizens under heavy income group and high class should be taxed.
