Taking all the total of direct taxes (income tax) and indirect taxes (Custom Duty, Excise, Special Excise duty - just came to know today they charges Rs 13.26 per litre of petrol as special excise duty - Sales tax, VAT, TOT, Cess, etc.) it comes to nearly 50-60% person of a normal salaried employee.
Its very bad. Looking at what the Father of the Nation Gandhiji did, Salt Satyagraha ????
FM is certain to levy enough taxes to recover deficits government had incurred over year. Interestingly high profile %u2018budget makers%u2019 never brought any housing loan, personal loan, education loan or vehicle loan because there was no need. Government is aware of inflation, rising interest rates but they are no way looking to benefit mass. They will run after interests in fixed/savings bank deposits, provident fund accumulations, NSC%u2019s, mutual funds but never to filthy property dealers/builders for questioning or recovering gray money. We forced to pay extra income tax for earthquake, flood, education, war and after that again service tax on every important item like insurance premium, telephone bills, electricity, water and food. Double trouble, excellent isn%u2019t it?
let there be a consensus / voting by the people .let it be published in national dailies to how much the rates should be .it should not be restricted to some burocrate/ministers. and if the govt is worried about the outcome there are so many ways to assess the very authenticity of response . let us create a theft free nation
Income tax rates should be rationalised as follows:
0-2 lakh - nil 2.1-3.0 lakh - 5% 3.1-5.0 lakh - 15% 5.1 and above - 25% Govt. employees having no other income should be exempt from filing return, Automatically Govt. should give a standard Registered NO. this will reduce the work load of the Income Tax Authorities and lead to saving in valuable office space and also reduce the problem of maintenace of office records. It is very easy for any ITO to find out if any of the govt. employees is having income disproportionate to his/her income. Vijay
RE:IT Rationalisation
by JAGDEEPSINGH ANAND on Feb 19, 2007 06:28 PM Permalink
Dear Vijay, Your thinking is very narrow ?????? 1st try to understan what are the pevailing %age of taxes......ok
FM is doing every bit to squeez out of the public to maximise the govt coffers. What action or precaution he is taking so that the corrupt politicians-bureaucrats-contractors do not pocket a sizable part of it. To quote Rajiv Gandhi, only 15% of the money so collected reaches those for whom it is meant.
There's no problem in getting taxed, if we see better utilization of our hard earned money.
Where's social security picture ? What happens if I, who's already paid more than 15 Lakhs as tax, loses my job OR am unfit due to illness?
If the government is ready to secure my future and future for my family. I don't mind being taxed (even 40%).
I don't mind being taxed, if the government exhibits practical and planned approaches for infrastructure . Again I don'nt mind bing taxed, If Im ensured that atleast when India prospers in the next 5 years, no farmers commints suicide for want of Rs.Ten thousand only.
Where is the Value for Indian Human life ? What is the Value of indian life for the government ? If they value, they won't tax us for the 'shit' they give.
RE:Provide Social security
by Raj on Feb 19, 2007 06:08 PM Permalink
I agree with you 100%.Why dont you file a PIL and save millions like you via court route
RE:RE:Provide Social security
by venkata cha laiah on Feb 19, 2007 06:18 PM Permalink
Valid Points, FM should look into this matter, build a social secure society.
I feel the individual tax rates be rationalsied in such a way that a person earning about 3.6 Lacs per annum has to pay about one month's salary towards tax before he makes any investments. The tax shall be reduced further in case of investments made as per prescribed limits. The existing level of investment is very low (Rs 1 Lac all combined) this should be up to Rs 5 Lacs with ceiling calculated as %age of the gross income (Say 40%. The corporate tax is about 33.66% right now this, i feel should be reduced to 30% or increased to 35% by doing away with FBT. FBT makes life difficult and has no logic. If the H'ble FM ha sto travel 250 days in a year he would understand that there is no benefit, the money comes through hardship and no body pays you for nothing. The cess may be separted at the end of teh exchequer instead of us making doing the unnecessary arithmatic. Last but not the lease can we the calander year as financial year!!
Imposition of service tax has further burdened honest tax payer. There are instances when the realised service tax has has not even been paid to the Govt. efforts should be made to viden tax net rather than taxing already tax paying class further and further.
RE:Swrvice Tax
by surender rawat on Feb 19, 2007 06:17 PM Permalink
Imposition of "service tax" on every conceivable item has pushed up the inflation rate to a great extent. Is FM mopping up more and more money for the corrupt politician and bureaucrats. Hardly an insignificant part of it will percolate down the needy. We are prepared to sacrifice more if the corrupt are severely punished. Embezzlement of public funds should be treated at par with capital punishment as in China.
Reducing the petroleum prices is not enough to contain the inflation & prices of essential commodities.The Finance minister should focus onscraping the fringe benefit Tax which is nothing but levy of tax on expenditure which is totally unjustified. Similarly the rates of service tax should be lowered to atleast 10%
