Suggestions on Income tax
2) Increase tax for super rich. income above 1 cr should be taxed 40%
3) Remove all surcharges and cess. Include them in the basic rate. Why govt can not apportion the amount received into proper accounts instead of asking every tax payer to apportion into basic tax,surcharge,cess etc? This will simplify.
4) Remove all sections sub-sections for claiming rebate. Retain only 2 sections, one for direct deduction of income and another for rebate on tax. Include all items under these 2 sections. Limit on individual items (if required) should be a percentage of basic salary only. Rebate on HRA(rent) should not be available if you claim rebate under housing loan.
5) Rebate based on allowances like HRA, medical etc. should be available to all irrespective of whether you get those allowances or not. It is unfair to deny rebate on rent and medical expenses to those who do not get HRA and medical allowance.
6) Rebate on LTA which is mostly mis-used, should be dropped. more
ALL SHOPKEEPERS SHOULD PAY MINIMUM INCOMETAX OF Rs.2000/= EVERY YEAR,FAILING WHICH THEY SHOULD FILE THEIR INCOMETAX RETURN, AND COME OUT CLEAR WITH THEIR SOURCES/QUANTUM OF INCOME. more
Multiple Taxation should be done away with and a single point taxation introduced. The ideal one being Bank Transaction Tax. A tax of say as low as 2% on all bank credits. more