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More Under Income Tax


  1. Sivasankaran Kanjoor says:

    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.

  2. maulik shah says:

    The Individual 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.

  3. Bhavesh Gohel (Advocate) says:

    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…

  4. R.K.Hegde says:

    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.

  5. Pavan Kumar says:

    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.

  6. Ramesh Kumar Thakur says:

    In my opinion — 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 .

  7. HARIOM SHARMA says:

    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

    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

    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.

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April 2021