Income Tax Exemption Related Suggestion
In the forthcoming budget, the Finance Minister should consider the following Important suggestion :
For that, the norms followed for Excise duty, GST should be considered for Income Tax also.
There are some products, which are under Excise norms, but have ZERO Excise Duty.
For GST also, some Products are considered with Zero GST.
Likewise, for Income Tax also, there should be TWO Categories, where Filing of Income Tax should be made compulsory, although the rate of Income Tax could be Zero. These categories are :
1. Those who have farm land of over 25 acres, can still have their Income to be Income Tax Free, but they should be asked or getting their PAN Cards and for Filing their Income Tax Returns, each year.
The figure of 25 acres of land, is just a suggestive figure, that could be suitably decided by the Finance Minister.
2. Large religious places like the temples at Tirupati Balaji, Siddhi Vinayak at Mumbai, Shirdi Saibaba, and churches like Mahim & Bandra at Mumbai, Marmagoa, etc, and Dargah like Haji Ali, and Golden Temple at Amritsar, and similar places covering all such religious places, which earn a lot of sum each year, but the details are not revealed.
All the above cases mentioned should continue having the exemption from Income Tax but with Zero rate of Income Tax applicable, instead of being exempted. more
For that, the norms followed for Excise duty, GST should be considered for Income Tax also.
There are some products, which are under Excise norms, but have ZERO Excise Duty.
For GST also, some Products are considered with Zero GST.
Likewise, for Income Tax also, there should be TWO Categories, where Filing of Income Tax should be made compulsory, although the rate of Income Tax could be Zero. These categories are :
1. Those who have farm land of over 25 acres, can still have their Income to be Income Tax Free, but they should be asked or getting their PAN Cards and for Filing their Income Tax Returns, each year.
The figure of 25 acres of land, is just a suggestive figure, that could be suitably decided by the Finance Minister.
2. Large religious places like the temples at Tirupati Balaji, Siddhi Vinayak at Mumbai, Shirdi Saibaba, and churches like Mahim & Bandra at Mumbai, Marmagoa, etc, and Dargah like Haji Ali, and Golden Temple at Amritsar, and similar places covering all such religious places, which earn a lot of sum each year, but the details are not revealed.
All the above cases mentioned should continue having the exemption from Income Tax but with Zero rate of Income Tax applicable, instead of being exempted. more
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Yes, filing of income tax return should be compulsory for all. And one fine morning when we have 90 ℅ cashless transactions, all denomination currency notes above RS. 100/ should be withdrawn so that imposition of Income tax is replaced by Expenditure tax. Also secondly the income of all religions places should be put to proper audit by the agency appointed by the Government. more
Jan 07
I understand GST will come for deduction when you by office things or RAw materials.when youbuy tooth paste it will not be deductible.Food products say rice bread etc no gst they have no excise as well Point no 1 and 2 , fully agreeable and valid. more
Jan 07
All religious place,organizations, ngos ,political parties should be brought under income tax. Tax slops should be revised. more
Jan 06
we can link the income tax to social securty by simple adjustment THE INDIVIDUAL INCOME TAX DIVIDED IN TWO CATEGORY 1 ST- AS PER THE EXISTING LAWS ANS 2 ND -- AS PER VOLUNTARY SCHEME , THE VOLUNTARY SCHEME MEANS THOSE WHO WANT JOIN IN THIS SYSTEM. FOR EXAMPLE A PERSON IS TAX CALCULATED 1 LACK RS HE SHOULD DEPOSIT 25% ( EXAMPLE) MORE AT THE SAME TIME LIKE 1.25 LACK AND IT SHOULD BE CONTINUE TILL HE PAYS THE INCOME TAX , AFTER THE AGE OF 60/65 YEARS OR IN ANY OTHER CASE OR NATURAL CALAMITY OR UNTOWARD INCIDENT HAPPEN LIKE DISABLED AND CAN NOT WORK ANY MORE IN THAT SITUATION THE ENTIRE CONTRIBUTION TO INCOME TAX WHAT HE PAID TILL THAT DATE THE GOVERNMENT SHOULD PAY THE INTEREST ON THAT AMOUNT FOR HIS SURVIVAL TILL LAST more
Jan 06
