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  

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 FUNDAMENTAL CHANGE IN   INCOME TAX   ,   WE CAN  LINK THE  INCOME  TAX   - WITH SOCIAL SECURITY , BY CREATING ONE  MORE CIRCLE , " VOLUNTARY SCHEME  "  . THE" VOLUNTARY SCHEME  " MEANIES  FOR - EXAMPLE TAX CALCULATED FOR  "A" IS RS  1 LAKE , HE MAY PAY EXTRA 25% MORE TO TAX ,  LIKE RS 1.25 LAKE AND HE MUST COVER UNDER " SOCIAL SECURITY  GROUP" AND IT COULD BE CONTINUE  TILL  "A" 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 TOTAL , AMOUNT AND THE INTEREST INCOME MUST BE TAX FREE FOR HIS SURVIVAL TILL LAST Regards, N S Khamesra(M) - 09820226483
From: Y. R. SHARMA <support@localcirclesmail.com>
To: khamesra83@yahoo.com
Sent: Saturday, 21 November 2015 6:28 PM
Subject: Commented on "THE CHANGES IN INCOME TA..." in [Tax, Investments and Retirement] more  
Dear Mr.Kaul,Your comments have not hurt me,we live in a democratic country,every body has right to comment and criticise.But at the same time you must understand my suggestions were for the better of Senior Society.You have your own options,but you have examples before you when in opposition demand 5 lac the exemption limit,and when in power to give,what can you give. more  
What I mean by simplification is just removing Section 80 altogether. Simialrly all other provisions which qualify for certain tax exemptions should be removed. No tax soaps for small or medium industries. If any support is to be provided to any section of industry, it should be by way way of providing better infrastructure/marketing facility/purchase preference, technical support etc. However, no soaps or concessions in taxes. more  
SIR THERE WILL BE NO LOSS OF REVENUE AS PER SUGGESTION IN RETURN THE AMOUNT IS ONLY INTEREST INCOME LIKE 9% ON TOTAL CONTRIBUTION BY THE PAN CARD HOLDER , AND THAT IS ONLY IF NEEDED BY THAT INDIVIDUAL PERSON ( MAY OR MAY NOT BE ) , AND FOR THE SAME REASON HE MUST WILLING TO CONTRIBUTE MORE AMOUNT THEN ONLY HE GETS THE BENEFIT WHENEVER YOU IMPLEMENT ANY NEW SCHEME IT REQUIRE MUCH MORE HOME WORK , I WANT TO GIVE A EXAMPLE IN THE NEWS WE READ SO MANY TIMES THAT MANY BOLLYWOOD STARS IN THEIR OLD AGE HAVING NO MONEY EVEN FOR DAILY FOOD AND MEDICINES THOUGH IN THEIR YOUNG AGE THEY WORK AND PAID A VERY BIG CONTRIBUTION TO THE INCOME TAX LIKE THIS YOU FIND NO OF EXAMPLES IN OUR DAILY LIFE I AM ONLY SHARE MY IDEA , IF YOU THINK IN DETAIL THERE WILL BE MUCH MORE BENEFITS, AS WELL AS MUCH MORE INCOME TAX CAN BE GENERATED more  
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