Sir, It is hihgly appreciable that the last decade and more has seen sea change in the individual taxation due to pragmatic approach of the Finance Ministers in the respective governments. However, the more number of sections, rules needs to be pruned to win the confidence of common man on the system. The uncertainities of the implementation and interpretation of the laws are making the common man still searching for tax havens. It is prudent to implement SAP system for the taxation purpose. Let the Systems take over the major decisions as far as possible as they are more logical. From TRUESOUL
Hey this whole sen is improbable they should either cut prices of oninon or cut tax rates. we do not get roads, electricity or even potable water at this exorbitant tax rate. Wake up Govt. before we all are taxed beyond....
RE:Taxxxxxxxeeeeeeeeeed
by k k on Feb 21, 2007 02:47 PM Permalink
I fully agree with you. Govts need to take ownership for providing the basic amenities to the Citizen instead of just looking for power and running the country / state for their own agenda.
Taking all the total of direct taxes, indirect taxes as well as other local taxes a middle class person paid 65% taxes of his income earned and as per the luxurious requirement he take a loan in any form and paid interest thereon.
RE:Should tax rate be reduced?
by ankita agrawal on Feb 20, 2007 04:12 PM Permalink
A middle man cannot afford the taxes imposed by the govenment.he cannot live even healthy life
Couple of months back I bought a television set. While doing the market survey I visited my neighborhood electronics shops. One shop owner, a grumpy old man, turned out to be quite interesting. When asked about the price of a particular set he first wanted to know how many hours a day I would use the television set. The question seemed kind of weird. How did it matter to him as a seller how many hours a day I used his product. But the man was adamant. He insisted that if I viewed the TV for more hours then the price would be higher and vice versa.
I was both amused and irritated at the same time. Finding it futile to argue with that insane man I went out of the shop. The young doorman of the shop apologized saying that the old man used to work in the Income Tax Department earlier! After retirement he had opened the electronic shop. So he still had the hangover of 30 years of irrationality!
In my opinion, the individuals income tax rate should be revised by 5% 10% & 15% slabs because indiviuals are also paying the indirect taxes on his shopping there for consumer has paying double taxes. If Govt. should give the set-off on taxes paid on shopping against income tax. It is more benificial for individual taxation
In my opinion, all the consumers are paying double tax except Defence Services. Because, the salaried persons who are paying income tax to Govt on the income earned, are also paying the taxes to the shopkeepers when buying something as the price tags are inclusive of the all the taxes paid by the manufacturers and middleman.
My suggestion is to evaluate the scene and the tax on such items should be limited to the real benefiecieres as consumer has no one to pass this tax burden.
IN MY WAY TAX SHOULD BE EXEMPTED ON ALL KIND OF LOANS. NOT ONLY ON HOME LOANS. IT SHOULD BE EXEMPTED ON ALL LIKE PERSONAL LOANS, CAR LOANS, HOME LOANS ect. BECAUSE INCOME IS GOING TO BANKERS AND GOVERNMENT ON ALL THE WAYS. KAMAL
RE:TAX EXEMPTION
by kunal aggrawal on Feb 20, 2007 10:44 AM Permalink
i think u have taken lots of loan and that's why u r writing this. well i think they is exemption on the interest u pay for the loan u hav taken from bank and wht govt can do is increase exemption limit to a more higher level. but complete exemption is a remote possibility.
I have just 1 question for the FM - What am I paying taxes for? I am in the highest income bracket and I am charged the highest tax rates. My understanding is that taxes collected should be used for development of society, infrastructure & to enhance literacy and address social issues.
I find that Mumbai - a city dear to me is getting screwed everyday by contractors who do a shoddy job in laying out roads, by builders who encroach on land, by hawkers who just plant themselves in the middle of roads, by hutment dwellers who use electricity / water / land for free, by politicians who visit the city and screw up playgrounds to conduct meetings, who screw up traffic to ensure their cavalcade moves smoothly...
My life is made miserable to ensure pleasure to these guys.. Is it a crime that my parents have been able to afford me an education which less than 2% of Indians can avail? Is it a crime to contribute to the intellectual wealth of India by putting to work my education and expertise? Am I not paying taxes just for people to live off me?
I do not mind paying 40% tax but can someone promise that it will be used to ensure better infrastructure,literacy,lowered poverty & dignity of human life?
RE:Taxes for what?
by kunal aggrawal on Feb 20, 2007 10:50 AM Permalink
hey man u r absolutely right there has to be transperecy and responsibility on part of govt. to use the money in a proper way. Their is hell lot of corruption which the govt. has to address in order to make india a developed country ans not just the govt. but poeple of india should buycott corruption by not paying in order not to encourage corruption and in that we should stand united.
RE:RE:Taxes for what?
by Viswajit S on Feb 20, 2007 11:02 AM Permalink
Hi Kunal, You are right...there is a hell load of corruption at every level. You do have to interact with 'Sarkari guys' at some point in time howsoever hard you try to avoid it.
The infrastructure is so bad in Mumbai - it takes me 4 hrs to drive to VT from Andheri & back. On Tulsi Pipe road the entire area near dadar station flyover is taken over by hawkers..Has anyone ever wondered who gave them the rights to be there? Is there any use in widening roads with the taxpayer's money when they are ultimately just to 'house' hawkers and hutment dwellers?
RE:RE:Taxes for what?
by k k on Feb 21, 2007 02:59 PM Permalink
Atleast the Govt should come out with a easy process and procedure to remove corruption.
For God sake let them not form a high level comittee which will be bribed and they will formulate a process which will more loophole then now.
RE:Taxes for what?
by santosh madas on Feb 21, 2007 05:25 PM Permalink
Yes, you are correct, I didn"t bother to pay tax @40% even, unless govt use this fund properly.
RE:RE:Taxes for what?
by aga reddy on Feb 20, 2007 11:52 AM Permalink
Mr. Kunal You are right if govt uses funds properly we need not pay that high taxes
Dear Dr P.Chidambaram, Please find WTO friendly ways to exempt exports profits again.We need to tackle all sorts of protectionism & unfair practices, when competing in the International markets.
