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(Republished with Amendments)
Considering the inflation, periodic increase in tax exemption applicable to the persons retiring should be made- such as increase in exemption amount in Gratuity payment, Leave salary payment, NPS withdrawal if the scheme is under C&G debt scheme or fix the IT deduction @ 5% (not adding to taxable salary income payment) especially because the rate of interest on deposit is coming down every year.
In India, why the pensioners are being burdend with tax, where as the MP/ MLA are not to pay any tax?
The Individual I.tax limit should be as under( in lacs)
0-5 – nil
5-10 – 10%
10-20 – 20%
20- 30- 30%
30- above – 35% , reason for increasing the limit of above 30 lacs is the most of the individual earning above this limit on account of / by support of the other country man i.e. due to the 130 cr, population of INDIA e.g. if an actor receive Rs.5 crore for an advertisement , not due to his hard work.
Dear Sir,
Now a days public invest through Share Market Investment, Most of IPO segment is too much popular, My Point is that the government Make rule for the IPO Investment as like that the Income Tax return Must File Before the Application and it’s validity is maximum one Financial Year. This way Government can easily watch the taxpayer which have valid PAN but Not File Income Tax Return.
Thanking You…
At present only salaried people are paying income tax properly.Others do not pay tax promptly because there is no yard stick to check the income of proffessionals / businessman as they deal in cash.So a ggod mechanism should be evolved to tax such people.
SUGGESTION ON RML : Life time achievement of common man in India is making a house, which is proudly is TRANSFERRED as asset to spouse and to next generation. There is PROTECTIONISM in-built thus. Thesis in REVERSE MORTGAGE LOAN while is also FUNDAMENTALLY protectionism differently, it dwells on ANTI-THESIS in not providing scope INCENTIVIZING with tax benefits in presuming that (1) life span of principal borrower (here, the retiree hence) left out as 15 years; (2) next generation may not wish to show attachment; &c. .
Budget 2017 may wish to consider RML as VARIANT OF HOME LOAN with proviso of tax benefits in repayments to realize the property back.
In my opinion — 1.in the matter of provisions of section 269SS and 269T of I.T act, ———— The limit should be enhanced up to 10000/- [ one lac ] from 20000/- the present limitation is very low. I hope this matter should be conceder on the ground of practicability .
Respected Sir,
I have a suggestion about Income Tax and wish to just
think upon It.
The countries are called developed countries where Human
welfare is at high level :
Income Tax exemption slab
/ rates should give relaxation in proportion to the yearly growth in salary /
annual increments.
I wish to suggest that
Government have various programs for health, education, child development etc; such as for PM skill development scheme, educational
, health opportunities, saving
opportunities.
In our country there have
come 7th pay commission while corporate scales are at the traditional
line but income tax slab comparison do not seems to be in proportion of earning capacity, the previous tax rates are higher for low
income grade in proportion to high income group, that is affecting human
welfare.
In view of the above, I feel that Income
Tax slab may be higher for old age tax payers and low income
tax slab for young age tax payers, because Government should let the
young age tax payers assist in development of The Nation by promoting their family growth in comparison to
old age.
I understand that need of money for
tax payers may be more in young age as compared to old age; so in old
age the income usually comes
down so if tax slab is higher it will not affect welfare of senior
citizens, as has
been seen some old age citizens use to
donate more and have taken ‘SANYAS’
, if senior citizens will pay more
because at that time they will not
in need to have more savings.
There may be allowed exemptions to young age tax
payers if they assist their parents / grandparents by a monthly pay that much may be allowed as exemption.
Interchanging of Income
Tax liability may be allowed for house wives; for example
if income of husband is higher and income of house wife (spouse) is nil
in such case husband`s income should be reduced by the amount of per month money paid
to house wife or may be taxed at half
income tax rate/s.
WHY?? Because she is also contributing her full time
in making Nations future, there is need to exempt such income of husband
which has been paid to wife. In our country there are more house wifes who
contribute their whole life for the family in that view Income Tax may allow a rebate to husbands, to support
Government`s view on “Naari Shakti” women power by doing
this way our country’s women will feel
good that we have a status being a house wife also.
If wife and husband are tax
payer and in a financial year wife do not have income in that year husband
should be taxed at half the tax rate.
At another point house wives
enable their husbands to do more work and housewife’s efforts have never been recognized in any
budgets earlier; while business expenditure is allowed while computing taxable
income how it is not possible to allow to
reduce husband`s income by the amount of
per month money paid to house wife or may be taxed at half income tax rate/s.
I hope the above
suggestion may be useful for taxpayers.