Income Tax for salaried should be revised

[BK.Arun]

Dear Advaniji,

20 to 30% increase in Incometax slabs will ease our pockets and will make economy to boom as the current unrevised slabs are crippling our pockets

We, the monthly salary earners cant live with so much low level of Income tax level.., I believe normal minimum level should 2.4 to 3 Lacs per Annum...,

with not much of retirement benefits like other countries where the population is less they charge 30 to 40% tax and solid unemployment benefits are gievn to the masses.

Here in India such policies are very much impossible as it may lead to leathargy. The best way to benefit us is to increase the IT slabs.

On Behalf of salaried masses which amount to 30 %to 33% of our country I can promise you that if you can announce a 20 to 30% increase in slabs you are going to win the hearts on 30% of working class.., Moreover it will ease the recession too as we are the ones who work like honey bees to make sure our personal economy and social economy get better.

Dear Advaniji we are hoping a lot from you...

Moreover I want every reader to attest this post to get benefit from this...

[BK.Arun]

Dear Netizens of India...

I am really surprised to see no one is intrested in debating about income tax slab revisions. Do all middle class / salaried people lost their faith in govt ?

please come out with your ideas.., this is for us

thanks in advance

[rameshbhat]

Agree that Income tax rates must be rationalized (reduced).
Upto Rs 5 Lakhs - 1% token tax (No Tax)
5 L to 10 L - 10%
10 L to 25 L - 20%
25 L - 75 L 30 %
> 75 L 70%
A new tax bracket for very high salaries (of late some people are giving themselves crores in salaries) must be introduced.

Exemptions for anything and everything must be removed.
All benefits must be converted to equivalent wages (salary).
A simple tax rule is easy to enforce.

Tax benefits for savings/housing/investment must be removed. This complicates administration.
Income tax department must be reduced in size and tax department employees moved to other productive departments.

[spanda]

there should be tax structure like USA.
1 .person with single should pay normal tax.
2. Two person in a family doing income should pay more tax
3. Person with dependent children and parents should pay less tax
etc..

[bhau deshpande]

We are after all human beings made up of blood and flesh.We expect some concessions in the form that suits us most.Salary earner, pensioners, prfessionals, business community, weaker sections, farmers all have a grievance that they should have relevant concessions. Good.
What is intriguing is whenever any money /income related proposal is considered by Govt.the object has been plain and simple. Appeasement for votes.A comprehencive assesment of the impact of the proposal is conveniently overlooked.For example: U P A redefined the Creamy Layer (Income limit of Rs. four lakhs).Considering the fact the income limit for income tax exemption base even for senior citizens is Rs. 2.25 lakhs add to that 80c concessions the gross comes to Rs.3.25laks.In other words the object was motivated to appease a certain section.If the G ovt. had correspondingly revised all the slabs raising the present limit of Rs.1.5lakhs to Rs. 4.00 lakhs and so on; the integrity of the law makers would not have been questioned. There would not have been any heart burning.Therefore, what is required is whenever such measures are taken a comprehencive ARCHITECT'S approach needs to be taken.
It goes without saying that the present limits are rather harsh and need to be revised @Rs. 4.00 lakhs and upwards.Similarly , 80 c. savings need to be correspondingly revised.Shri Jaswant Singhji, hopefully should agree with my view.The only Finance Minister in the recent past who could apprecite the hardships of a larger section of the society whenever a monetory proposal was mooted.

[ajinkyan]

according to be income tax should be @ a flat rate 2%-5% for any income, considering the growth factor in indian economy...this will ensure that every individual pays tax.

[BK.Arun]

Is there any one who is ready to do so?

We salaried masses (employees) need relief, the rate at which things are selling in market we cant afford. Naturally economy will be in crisis. So many freebies to Poor and Rich people.

Dear leaders of India, Please consider us also citizens and we need some breathing.

[surya.kiran]

We need to reduce the pages of tax code books so simple class X passout can fill out taxes on his own and not with any help from the chartered accountant. Only then can tax code book be of much use.