Income tax slab should definately be reduce to a maximum of 20 % as we indian are the highest tax payer in the world. Almost everything is taxed here and now we are suffocating under the burden as prices of basic commodities are rising. That's why we are now forced to pay high tax and high price for basic commodities and we have little to save for us. I personally feel tht slab should be brought down to a maximum of 20% as goverment is collecting service tax from the business establisment which is ultimatly born by common public. so we are paying income tax out of our hard earn money and at the same time we are paying service tax out of the money which is already tax under income tax act. Now tht's double taxtion. we don't have anything against service tax which the government is collecting but atleast they can give some relief to the common public by reducing the slab. And another good thing which the goverment can do is increasing the exemption limit from 1 lakh or 1.35 in case of a women to even higher level. After all the goverment is their for the welfare of the public.
I feel that Income tax limit should be increased Rs.4.00 lakhs, i.e. persons drawing salary less than Rs.4.00 lakhs should not taxed.
Please spare Salaried people who have no choice & pay their taxes regularly.
Business persons form Different Companies & evade tax. They should pay more tax measures should be taken to avoid them from indulging into such practice.
RE:Salaried - Poor , Businessmen Rich
by kunal aggrawal on Feb 19, 2007 04:11 PM Permalink
i think ur salary is around four lakhs and u r writing this for ur benifits. i hope MR.FM listen to this .
RE:Salaried - Poor , Businessmen Rich
by mohit gupta on Feb 19, 2007 04:21 PM Permalink
This is also very true.Salaried persons have no choice ,so even this can be a solution
Income tax rates should be reduced for people earning less than 500000/annum. Now a days there is tax on everything and the common man is the most effected. The ministers are not bothered since they hardly pay any tax and get most of the benefits from the government.
The tax should read like below
less than 5 lakhs nil 500001 to 10 lakhs- 20% 1000001 to 1500000- 25% 1500001 and above-40%.
The people who earn the maximum should be taxed more.
RE:Income tax
by kunal aggrawal on Feb 19, 2007 04:14 PM Permalink
r u a goverment employee becuase a 40% ta x slab only they can suggest. i think if government starts to charge income at 40% then the price of the commodities will rise further pushing the inflation up.
RE:Income tax
by mohit gupta on Feb 19, 2007 04:19 PM Permalink
It seems to be a better tax slab rate than the present one. The people earningn more must pay more.
House Rent 4000 X 12 : 48,000 School fees one kid)1000 X 12 : 12,000 Food only for 3 3500 X 12 : 42,000 Transport 1500 X 12 : 18,000 Medical 500 X 12 : 6,000 Other Maintanence 1500 X 12 : 15,000 Insurence premium 500 X 12 : 6,000
Balance (-3000)
This is the middle class life of the year with 10% TAX.
PLZ FORWORD THIS MASSAGE TO Mr. FM & Mr. MANMOHAN SINGH
RE:TAX
by kunal aggrawal on Feb 19, 2007 04:17 PM Permalink
yes, definately this message shhould be forwarded to the finance ministrie for consideration as i can see how difficult it is for the people at tht level to maintain their life style
RE:Why exemption?
by kunal aggrawal on Feb 19, 2007 04:09 PM Permalink
It's really a wonderful idea but i think the govenment will go bankrupt especially the ministries which are enjoying on tax payer money
I feel that Income tax limit should be increased Rs.4.00 lakhs, i.e. persons drawing salary less than Rs.4.00 lakhs should not taxed. Similarly those drawing hefty salaries, say Rs.10 lakhs and above should be taxed heavily.
RE:Salary Tax to be Reduced & VAT abolished
by kunal aggrawal on Feb 19, 2007 04:21 PM Permalink
i think goverment should seriously start thinking of salaried and businessman differently and should not be club together as they do now when they tax them under same slab
Indian Tax system is quite biassed and heavily dependent on the salaried people only.
Self employed professonals like doctors, lawyers, chatered accountants ( where only cash transactions are acceptable) and more importantl the buiseness community who hardly pays a fraction of their profit.
I therefore suggest that not only the salaried people should be treated with respect so that they should get certain benefit for payment of tax in time and honestly, the tax net work should be expanded such a way that above mentioned groups can also be brought under it.
I think if Govt. is expecting a portion of salaries to be snatched in terms of Tax. This amount is if being completely utilized for nations development, then better way to go for should be a flexible & transparent Tax structure. Calculate the budgeted amount calculated for proposed development in that year=A. No. of tax payers in different slabs=B calculate as A(Divided by)B.
In the mathematics paper examination,one first attempts the easy questions and lastly the difficult one.Finance ministers have done precisely the same thing.As Middle class does not protest and tolerates every thing,tax is easily imposed on them first and then touch the wealthy one.Few years Back,I was in Mumbai.One industrialist friend invited me to a hotel in mumbai for dinner.We did not eat much but bill came for Rs.3000/-I was astonished, but for the friend,it was nominal.For God sake,I do not have that calibre to treat the friend the same way when my turn comes.But the hotel seats were full.People with family were dining casually as we hapless middle class people take roti, dal and salad in our homes.I asked my friend really people are very rich.He said,rich class people here innovating ways how to spend ! I was comparing myself with those wealthy people.I do not know how many of them genuinely pay tax for all their properties.Yet Industry complains when there is talk of VI pay commission. say a person is getting Take Home salary of Rs.20,000/.Rs 10,000(for house loan repayment) Rs.2500/ for maruti 800 maintenance Rs.2500 for water,electricity,internetetc=Rs.15,000.How much left for food,medicine,education,travel etc. etc. ? Ministers can not understand this because they are rich or get richer by doing politics. My suggestions will be for Mr.Chidambaram, There should not be tax slab of 30% below Rs 10 lakh income.Income Tax exemption limit be enhanced to Rs.2.5lakh.The limit of saving instrument be enhanced to Rs 2.0lakh from the current Rs1.0 lakh. Dr.S.Mohanty Bhubaneswar,Orissa
RE:Successive Finance ministers have done injustice to Middle class
by kunal aggrawal on Feb 19, 2007 04:29 PM Permalink
sir, u hav a great insight and i respect tht and i won't comment on ur posting. i absolutely agree with u. And this posting should be read by MR.FM for consideration as wht u hav said is a good solution for middle class.
