Finance Minister instead of giving more concessions to working women should consider 50% rebate on tax to husbands having unemployed spouse. I read in Rediff recently that a woman accountant in Bangalore is spending Rs.50,000 on clothes every month! Do these desrve any concession??.
My view is Income Tax should be on all the people with out any discrimination, which would make people feel that its with our own money the Country and Government is spending.
Income tax should be lowered that people wouldn't be prompted for tax evasion.
Upto 1.5 lakhs - No tax. 1.5 to 3 lakhs - 10% 3 to 5 lakhs - 15% 5 to 7.5 lacs - 20 % 7.5 to 10 lakhs - 25% 10 lakhs - 30%
There shouldnt be any exemption limit for people with over 1.5 lacs income.
RE:Tax rates should be cut, but should not raise the tax excemption Limit
by Kaushik Das on Feb 19, 2007 01:53 PM Permalink
Instead of having such sharp cut-offs (if a person earns 3.1 lakhs or 5.1 lakhs or 7.6 lakhs or 10.1 lakhs, he will try to evade tax, otherwise he will have to pay more tax than another person earning 2.9 lakhs ....) There should be a continuous distribution - the higher the income, the higher the tax paid with the top cut-off being 30% as present)
we pay taxes in so many forms sales tax,service tax ,water tax etc may be 10 to 15 diff kind of taxes and above all income tax.when our income is already taxed for providing good facilities why r these diff taxes again & limit should be increased from from 1 lac to atleast 3 to 4 lac which will encourage more people.if cant give benifit of the tax we pay.let us enjoy the tax not the ministers
I do not understand unrealistic limits of like Medical @ 15K/yr.If we go for some minor illness, hospitalised we spend that much amount .Pl increase medical limit. Even if they increase tax slab & give us tax benefit of say 5-10K, they impose tax benefits at n no places,so they give peanuts & demand cashewnuts from salaried people
RE:Must increase exemptions for Salaried
by Ramdas Nayak on Feb 19, 2007 02:07 PM Permalink
Yes u r right. Increase medical limit to Rs.25,000, Gratuity limit to Rs. 5 lakhs and tax exemption limit to Rs.2,00,000.
Tax limit should be raised upto 2 lakhs and at the same time, the investment limit should be around 2 lakhs. It is preferable, even the flat income tax can be levied based on the professions and salary.
Tax should definitely be lowered. we middle class people are suffering as our savings are done away with almost completely. We are paying huge tax just because the rich men who evade tax cannot be caught. And where is the tax money going other than subsidising haj and making reservations for a lot of ungrateful lazybunms?
Tax limit to be raised upto 2 lakhs and at the same time, the investment limit should be around 2 lakhs. It is preferable, even the flat income tax can be levied based on the professions and salary.
Obvious reasons...there is need to cut taxes on Salaried Employees...So that we would be able to Save some Salary in Short term. Otherwise...Though our salaries are being hiked in every year appraisal..we end up taking the same old Salary home... as the 70% of Hike would go for TAX again.....
WE ARE PAYING TAX FOR EVERYTHING. AND ALMOST 30-50% OF OUR INCOME GOES TO GOVERNMANTS AS TAXES. IT IS BETTER IF THE TAX SYSTEM BE REDESIGNED TO PAY TAX ONLY WHEN YOU BUY SOMETHING AND NOT WHEN YOU EARN MONEY (FOR AN INDIVIDUAL).
RE:INCOME TAX
by Niranjana Koodavalli on Feb 19, 2007 02:09 PM Permalink
I think this is an excellent thought :) Mr.FM please please consider this. Then I (Many) will not have problem in paying VAT,ST etc.
RE:INCOME TAX
by naresh chandra on Feb 19, 2007 01:55 PM Permalink
EVERYDAY WE ARE PAYING VARIOUS KIND OF TAXS BY WAY OF SREVICE TAX,VAT/SALES TAX & INCOME TAX ETC.& THE SALARIED CLASS PEOPLE PAYING TAX GENEUINELY, HENCE INCOME TAX ON SALARIED CLASS PEOPLE SHOULD BE LOW I.E. 10% ONLY.
Ask anyone in general public say, Farmers/Doctors/Businessmen/Salaried class/Defence personel all would share my views as under; Taxes on the general public is the party for a few politicians. They enjoy the taxes to the top most limit and they would continue to do so. They all sit in A/C offices and they do not know the common people's woes. They all enjoy the luxuries of five star in the useless Parliaments and the V'sabhas all over the country. The taxes collected are not even planned for spending and govts. always cram for more, what for? The govt compare only the taxes collected abroad but never compare what the govts give to its voters abroad. This is not going to last very long but the general public is suffering just at the cost of wrong policies and the sysyems. Our system, Politicians and the Babus all are corrupt barring a very few. I would say the English raj was much better and I pray its comes once again and for ever.
RE:Taxes are the woes
by Umesh P Singh on Feb 19, 2007 01:52 PM Permalink
I agree with Deepak. the English raj was much better and I pray its comes once again and for ever.Because politicians are corrupt and enjoying with public money. In politics most of the people criminals, goondas and rapist. What u can expect from them. God only save our country. Regards, Umesh
