increase Exemption limits for Income tax

Generating 10 employment per acre of land compulsory for Govt PSU and per Crore of investment. more  

There is no need to Tax Companies. Every registered company to invest and grow employment @ 10%. more  

Target to reduce manpower in Income Tax Department to 100 by simple rules and forcing everybody to have PAN. This can also be UID. Remove all bungling jargon like HUF, Company and AOP etc. more  

It would be a strategic move to enhance the income limit for taxation to 5 lakh, which will also reduce the time spent by the IT department and the employers in calculating tax burden, recovery and remittance. Reducing the gap between the rich and poor has nothing to do with raising the tax limit and needs a different strategy and determination. C Kameswara Rao more  

Kishore, I don't know why you and lot of people keep talking about reducing the income gap between the rich and the poor. I have a question for you...have you ever thought of removing the inequality between the best student and the worst student by giving everyone the same marks? Well, here is a story for you. Sometime back I had read a story about a Professor of Economics in college telling his students that he would grade the tests in a socialist manner...meaning everyone would get the same grade based on the average in the class. After the first test the average was C. Those students who had not studied were very happy to get a C, when they should have failed, however those students who worked hard were disappointed to get a C, when some of them would have deserved an A. When the time came for the second test, those students who had worked hard took it easy and the rest took it even more casually. The average of the second test was a D. Finally, when the final exam came, no body studied as a result, the average was F (fail). The whole class failed. This is what happens when you try to remove the inequality. The only way you can ensure the gap is eliminated is in a Socialist government. However, we know that socialism will never work, it destroys societies that you are trying to enhance. In the above example, our goal should have been to improve the grades of the students who are not doing well and hopefully improve their conditions. It is also possible some of them don't have the aptitude for that subject and perhaps they should try different course. In such cases, we should have a system in place to offer vocational guidance, etc. In every situation I have seen so far, when Govt decides to reduce the gap, the rich become poorer but the poor become more poor and either the society dies or the gap keeps widening and the result is many people who were above the poverty line go below it. The idea should be to increase everyone's wealth. Environment should be conducive to increase wealth. There will always be the gap. At the same time, I have stated in one of my posts that income tax should be replaced by consumption tax and consumption should be taxed at the same flat (no slabs) rate. This way if the rich who have lot of money will spend more and thereby contribute more the the exchequer. The Govt may decide to have no consumption tax on basic necessities like food, clothing, and shoes (all up to a certain amount) that way the poor will not have to pay any taxes and the rich who consume a lot will contribute a lot. Hope this helps. Thanks Nirmal more