Need Reforms in Budget

Indian Taxpaying Middle Class is suffering the Most from High Inflation & Income Taxes

We need Reforms in this Budget

• 80C Limit Increase from ₹1.5 Lakh
• Taxable Limit from ₹2.5 Lakh
• 30% Income Tax on ₹10 Lakh
• Simplified Tax Rates on Investments more  

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Very cleverly differentiating further, the new income tax regime takes into account the millenials, wherein perhaps the 5% difference could make someone opt into the taxation system, making more integrating themselves into become proud tax-payers. At the same time those availing exemptions, since say over 10 years could still continue with old 30% regime paying their taxes. more  
Agree. Question suggests itself, revenue generated from the exercise, here being: Firstly with 6.5 crore people filing their returns, wherein 5 crores filed a return as 0! What does this mean? It means just these many people earning five lacs rupees per annum, translating to Rs.41,667 per month or less! This when the said person would be having dependants, who earn nothing! Except businessmen, entrepreneurs, or self employed the remaining entire countries population 1.5 crore, i.e. 1% population, only drawing a salary over taxable limit! See consumer demand. Do they match the above scenario? 2. Government going after these 1% sending them notices over clerical program generated oversights! No resort allowing questioning government's oversight. Section 293 of Income-tax Act, 1961, specifically insulates them from public appeals! I am still contesting such a case. more  
There is need to increase tax base. There are families who are getting total pension of more than Rs.2.5 lac. or income from business in millions .Why they should be out of tax net ? Simultaneously, there is dire need to rationalize mindless subsidies to save tax payers money and create room for tax reduction. more  
No deductions No tax upto 10 lakhs 20% tax from 10 to 50 lakhs 30% beyond 30 lakhs. No capital gains upto 50 lakhs 25% tax whether capital gains is short term or long term . No exemption clause. Get Outlook for Android ________________________________ From: Aditi Jain Sent: Monday, January 30, 2023 12:07:22 AM To: Subject: "Need Reforms in Budget" more  
Only a few Difficult areas listed.... BUT NO SUGGESTIONS? more  
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