Tax system

Indian Tax rules became very tough and unbearable for the individual. So far the salary class people were most sufferer under this tax net since they can not hide the income. There are plenty of small vendors who are earning more than double comparing to a medium employee, but there is no source to monitor their income. It is necessary to bring all the people whether they do the business in low level or in high to pay a portion of their earnings to income tax department. It is the mandatory duty of local authorities to monitor the business people and what level they are earning. If you compare a simple pan vendor in a good locality he makes business in five figures daily where as he is safe from the tax department. The law must be same for every earner. The poor senior citizen keeping their valuable deposits with the bank for all his entire life what he earned and on this deposit, the tax charging is not fair. The interest on deposits must be out tax review. As already told the senior citizen's monthly expenditure from these interest and no other sibling to take care of them . Though they may have two or three children earning in good, but after their marriage, they do not like to share a portion to their parents . May be intentionally or by force from his family side. At-least the senior citizen aged 65 and may be exempted from interest income tax preview. As the age going further he may not be able to with stand with the income what he gets by sparing his major portion on medicine and treatment. The Government must view a positive attitude towards these senior citizen. more  

View all 54 comments Below 54 comments
THE CHANGES IN INCOME TAX
THE INDIVIDUAL INCOME TAX DIVIDED IN TWO CATEGORY 1 -- AS PER THE EXISTING LAWS ANS 2 -- AS PER VOLUNTARY SCHEME , THE VOLUNTARY SCHEME MEANS THOSE WHO WANT JOIN IN THIS SYSTEM FOR EXAMPLE A PERSON IS TAX CALCULATED 1 LAKE RS HE SHOULD DEPOSIT 25% ( EXAMPLE) MORE AT THE SAME TIME LIKE 1.25 LAKH 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  
NDA promised enhancement of basic exemption limit for IT to Rs. 5 lakhs during election campaign. It should be implemented for at least senior citizens if not all. Restoration of Standard deduction for salaried and pensioners who are the only honest payers of IT is also required. more  
ipak Mody has rightly answered you;I have travelled at least to 90 countries in the world;I can vouch what mody said is absolutely correct;the problem with we indians never accept our weakness and try to Improve; more  
Dear Venkatesh ji, what Mr. Santoshji said is exactly true. Our Indians have very bad impressions in most of foreign countries. Every body knows our mental attitude for discipline, sincerity, honesty, which Indian people have. more  
tax systems are broken even in USA. but if we think we are smart why are we not able to devise a better system. we have been at it for considerable time but every finance minister squeezes the guys who are honest. form 15 H for retired senior citizens was applied for each deposit. now from 2014-15 budget total interest on total deposits within a bank come under the ambit of TDS. what I wish to point out is that we keep doing all these micro-adjustments to tighten the noose on the existing taxpayers but the vast ocean of non tax- payers who are swimming in black money are going scot free and laughing all the way to the bank. where is the smartness of Indians if we cannot expand the tax base. according to "Economist" only 3% or 36 million are paying personal income tax. that is a dismal show. ache din is already there for these non-taxpayers, they don't have to wait.it is only the honest taxpayers who are credulously waiting for ache din. as regards greatness of Indians pointed out by Mr Venkatesh Prasad, I wish to point out a few factors about the reality- 1. we have no hesitation in pissing by roadside of all ages ( swach bharat abhiyan hope changes this) 2. corruption and dishonesty-pl do a real estate transaction and visit the revenue dept for registering the property. 3. visit any govt office and check how many hours they work. by the way we are strong on tradition and keep doing things the same way as in 1945 with messengers, peons, dog eared files. 4. please drive in any metropolis and if you have BP it is not advisable to do this. 5. we also appear to be score high on rapes-our countryman's libido appears unfettered! 6.please stand in any que and see how many try to by-pass the que. we totally lack discipline, manners, or culture. I am sorry to point out all this but these are true and have remained unchanged after 60 years. yes the only thing we can be proud of is our spiritual heritage and the success of those who have gone abroad, adapted and succeeded. they have brought good name to India- but within the country we are still living on past glory. more  
Post a Comment

Related Posts

    • Bad news for small savers

      There won't be any cut in interest rate of Small savings schemes . Yesterday's decision to lower the interest rate is REVERSED

      By Jayanti Natarajan
      /
    • Bad news for small savers

      Rates on small savings schemes reduced by 50-90 basis points. PPF in April-June quarter to earn you only 6.4% interest against 7.1% earlier. Senior Citizens Savings Scheme to earn on 6.5% now compa...

      By Vikram Gupta
      /
    • Secured earning for Senior Citizens

      I raised this point on earlier occasions also. No relief seen in any budget. I made a suggestion as follows: There are some schemes exclusively for the benefit of Senior Citizens like Se...

      By SN Sitaram
      /
    • Rounding off the amount in Bills

      Request guidance as to which is the appropriate circle & authority to whom i can complain regarding the below mentioned issue: Lately with many of my relatives and friends staying in Gurga...

      By Manas Hazarika
      /
    • Great news for seniors

      Senior Citizens (above 75 years) who get pension and interest income only are exempted from filing returns

      By Azam Yusuf
      /
    • The Govt salutes honest and compliant tax payers

      Recently our CBDT isued a press release saying it cannot punish compliant and honest tax payer by extending various due dates for the assessee who are dishonest, lazy and non compliant and our secu...

      By SUBHASH PARAKH
      /
    • Can budget help with illiquid stocks

      Most of senior citizens are stuck with stocks of illiquid and delisted companies. To help them a window may be created to extinguish such stocks and set aside such investments against long term ca...

      By Aditi Jain
      /
    • Waive off Tax for the Covid-19 period!

      Covid-19 has affected almost all citizens and residents of India. People are jobless and businesses are either shut down or in a loss. People are unable pay their EMI's. Loan moratorium relief was ...

      By Suhail Sayed
      /
    • Now report these in income tax

      Additional transactions to be included under the reporting standards of income tax include: Payment of rent above Rs 40,000. Payment of educational fee/donations above Rs 1 lakh per...

      By Aditi Jain
      /
    • Savings Must ?

      Senior people at loss as Bank FDs intrest less. Now any type of Mutual Funds ,Liquid Funds prone to Stamp Duty. Gains for LTCG. Dividends TDS! SCSS etc Long duration with reduced yields! Is Saving...

      By SATHYAMURTHY R
      /
    • Newz 26 AS form

      CBDT has recently brought out the new form 26AS for ease of filing of Income Tax Returns(ITRs)by taxpayers.The new form is a faceless handholding of taxpayers,to help them with updated financial t...

      By Aditi Jain
      /
Share
Enter your email & mobile number and we will send you the instructions

Note - The email can sometime gets delivered to the spam folder, so the instruction will be send to your mobile as well

Please select a Circle that you want people to invite to.
Invite to
(Maximum 500 email ids allowed.)