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Should income tax exemption limit be raised to Rs 3 lakh??

Created by : Adrija , Assistant manager finance , HDFC Bank  | 02 08 2011 12:59:20 +0000
Industry : BankingFunctional Area : India(Markets)
Keywords : income tax direct tax code income tax slabs tax exemption
Activity:  595 views;  last activity : 03 03 2011 08:55:29 +0000

Should income tax exemption limit be raised to Rs 3 lakh??

  
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Top Argument
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I think the government must increase the personal income tax exemption limit to at least Rs 3 lakh from Rs 1.6 lakh at present in the upcoming Budget for giving relief to taxpayers from high inflation. 

With unprecedented inflation particularly the food inflation, the government must increase the personal income tax exemption limit from the existing Rs 1.6 lakh to at least Rs 3 lakh to give adequate relief to the larger sections of the society.
By Adrija , Assistant manager finance , HDFC Bank  02 08 2011 12:59:20 +0000
 
Top Argument
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In fact, No Tax is necessary at all, there are many ways to generate 100 times more fund than presently collected by different kind of Taxes
By AJAY KUMAR KHAITAN, TECHNOLOGY CONSULTANT, TECHNOLOGY CONSULTANT  02 09 2011 09:11:55 +0000
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Yes it is the requirement of time.
By Nilesh Pawar, Legal & Secretarial, Valencia Professional & Management Services LLP  | 03 03 2011 08:55:29 +0000
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Most certainly. Given the high cost of living.
By Jaygopal Raghavan, Marketing Manager, Landmark Group  | 02 19 2011 15:56:20 +0000
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yes.Iwill agree with ADRIJA.first of all who will pay the tax correctly?.the salaried pepple.by big corporate houses will take exemption from tax for long period.so what we can do.by increasing the limit ,the saving potential of a person also increases which is common in india.due to this tendency of indians our economy has not collapsed like the others.
By BALASUBRAMANYA , Asst. Manager/Manager (Technical), KIOCL ltd.  | 02 12 2011 13:51:47 +0000
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yes. i agree with her

 
By satheesh , M.B.A student, VYSYA College,Salem  | 02 11 2011 18:15:14 +0000
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Upward revision of personal income tax exemption limit is a must in the present state of hyper inflation.I very strongly support Rs.3 lakh exemption limit.
By J R Mohan, Director (HR), Galgotias Educational Institutions  | 02 11 2011 13:26:07 +0000
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Yes Absolutely!
By Ranjit T Hirode, Consultant, Deloitte Touche Tohmatsu  | 02 10 2011 12:58:45 +0000
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The Senior Citizens ( whose income is only from FD inteest) are considered for less income tax after 65 yrs only, where as in all other sectors of Govt,like Rly,Banks etc, senior citizen is considered from 60yrs,and therefore the senior citizen from 60 yrs, exemption limit to be Rs3.5 lakh only.
By R N Bhattacharyya, Freelancer, Freelancer  | 02 10 2011 07:28:57 +0000
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I support you fully, In fact, No Tax is necessary at all, there are many ways to generate 100 times more fund than presently collected by different kind of Taxes


By AJAY KUMAR KHAITAN, TECHNOLOGY CONSULTANT, TECHNOLOGY CONSULTANT  | 02 10 2011 06:23:18 +0000
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Why to talk about enhancing tax exemption limit - let our politicians and their coteries who looted the country, if attached, the country could survive without tax payers' money for another 30 years. Now let them pay for the country men all the required taxes for the next 30 years - let our country men enjoy keeping all the hard earned money with them!
By S. Muralidharan, Executive Director, Knowledge Foundation & Campus Around the Corner  | 02 10 2011 06:03:21 +0000
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Yes. Teh exemption should be raised to Rs. 3.00 lakhs
By 281962 , Finance/Budgeting Manager, Confidential  | 02 10 2011 03:25:08 +0000
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I think goverment should increase tax braket and also should remove cess, there are so many taxes its difficult to understand where the money is going, governament should able to give account of tax collected, we need to know as it is paid by us.
By Rajshekar Nadig, Consultant, Self Employed Consultant  | 02 09 2011 13:50:39 +0000
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Only the salaried people are being taxed others have many avenues to avoid the tax. This bar can be raised upto Rs. 3 lakhs. Those who are in other professions showing that they are earning below the bar and getting the benefits of Govt. schemes. While I am paying the tuition fees of my kids, others whose earnings are in lakhs p.m. are getting exemption and getting the reimbursement of fees. How bad it is?
By Srinivas suravajhala, Asst. Manager.  | 02 09 2011 10:32:19 +0000
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I would like to hear some of such ways to generate income for government, from you Mr..Ajay Kumar. Cause, In my knowledge Tax is one of the most important income source for Govt. (I didn't mean an argument)
By Anilkumar Variyambath, Accountant  | 02 09 2011 09:43:06 +0000
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In fact, No Tax is necessary at all, there are many ways to generate 100 times more fund than presently collected by different kind of Taxes
By AJAY KUMAR KHAITAN, TECHNOLOGY CONSULTANT, TECHNOLOGY CONSULTANT  | 02 09 2011 09:13:12 +0000
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Income tax should levy not upon the expense but for the amount of income after payer's basic expenses. In this time of 'price hikes' upon the basic needs, It is a very reasonable demand. I should support it.
By Anilkumar Variyambath, Accountant  | 02 09 2011 07:29:03 +0000
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Yes, I support for increase in basic tax expemtion limit upto Rs 300k. tax slab shoudl be change accordingly. Those who draw salary below RS 300k will get out of the tax braket.
By Rajendra , Manager Accounts, Approva Systems Pvt Ltd  | 02 09 2011 05:42:34 +0000
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The Limit should be increased as more no. of people are pursuing higher education bagging better packages, so it will be beneficial for them.
By Varsha K Bhatia, Assistant Professor, H & G H M Institute of Management  | 02 09 2011 05:11:24 +0000
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the limit will increase but not upto 3 lacs may be 2 lacs
By Ajay Monga, Partner in M/S RAKESH DHALL& ASSOCIATES (CHARTERED ACCOUNTANTS)  | 02 09 2011 04:41:47 +0000
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Its good to increase the I.T.Limit upto 3 Lakhs.
By V.V.Madhava Rao, Accounts Manager, Apex Encon Projects Ltd.  | 02 09 2011 04:33:12 +0000
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hi,I am agree with ur suggesation becs here is a big team for paying tax in salary department and if 3lakh is exempt limit,i think they can save some money to maintain thier childrren  future .
By Mohd Mofeeque, Account Services Executive, Le Doors  | 02 09 2011 04:13:40 +0000
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I would love if the limit is raised.
By G A Narayan, VP - Marketing, KE Housing P. Ltd.  | 02 08 2011 17:32:10 +0000
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No income Tax is necessary, there are many ways to generate much more fund than presently collected by different kind of Taxes
By AJAY KUMAR KHAITAN, TECHNOLOGY CONSULTANT, TECHNOLOGY CONSULTANT  | 02 08 2011 17:15:03 +0000
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I too support that the IT ceiling should be raised.
By ATMA RAM CHAVALI, MANAGER IT, SBH  | 02 08 2011 16:48:07 +0000
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If this debate can reach any govt. office or any official, I'm a Yes. :)

But as Mr. Suryanarayanan said, it's a dream for many! What's wrong in being a dreamer? :) I support him in this.
By Anantha Shayana. D, CTO/CIO, RAYSITI  | 02 08 2011 14:57:51 +0000
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It is a dream for many !! But we do not belong to the class who have swiss bank accounts. Why should government take our dreams into consideration.. or fight for us in Supreme Court.. Let's HONESTLY pay taxes..whatever they demand..
By Suryanarayan Murthy, Asst Vice President (Corporate Finance), A Hydro Power Project  | 02 08 2011 13:23:25 +0000
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Why we should invite 'inflation' by increasing buying capacity.Govt to ensure restriction in 'inflation'.
By R N Bhattacharyya, Freelancer, Freelancer  | 03 02 2011 07:38:07 +0000
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Raising tax exemption to any level would not satisfy people because next year their expectation will also rise. The actual benefit will happen if government takes effective actions against corruption, inflation etc. If government can collect appropriate taxes from all and use them correctly then infrastructure, food production, education and other socially necessary programs will be properly implemented. This itself will compensate us for the tax paid.
By Debtanu Dutta, Software Engineer, Atrenta India Pvt. Ltd.  | 03 01 2011 09:33:32 +0000
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Raising tax exemption to any level would not satisfy people because next year their expectation will also rise. The actual benefit will happen if government takes effective actions against corruption, inflation etc. If government can collect appropriate taxes from all and use them correctly then infrastructure, food production, education and other socially necessary programs will be properly implemented. This itself will compensate us for the tax paid.
By Debtanu Dutta, Software Engineer, Atrenta India Pvt. Ltd.  | 03 01 2011 09:33:15 +0000
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will be lift to 2 - 2.25 laks
By JAGADEESAN S, Project Leader/Managing Consultant, Project Consultant  | 02 11 2011 14:20:25 +0000
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Our govt in one pretext or other keeps raising petrol/diesel price every now and then,knowing very well it will eventually hit the common hit in general & his kitchen in particular.Let us fight for reduction of taxes and cess on goods & services and stop tweaking with petrol/diesel price.Together with this if govt gos all heart,soul & spirit against corruption in high places,then there will be no need to wish for IT exemption level.In current scenario a simple additional exemption of 1.40 lac is not going to take us any where
By KR BALA, Providing HR Services, Independent HR Consultant  | 02 09 2011 05:49:15 +0000
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Indian Tax Payees are very smart in paying their individual taxes after getting all benefits from government.Exemption is not mandatory for them...
By Lakshmi Priyanka, Sr.HR Consultant  | 02 09 2011 05:36:46 +0000
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If the govt is really concerned and committed, then reducing the tax burden on the commodities, goods and services, excise and other taxes on fuel would leave sufficient disposable income with people. Further if the govt can considering increasing the numbers of honest ministers and babus in the system, that would be like icing on cake. Increasing Tax free slabs and taxing at 40 % plus the inflation will lead you no where. Thanks for the invite and warm regards.
By Himanshu Joshi, Regional Manager, INCS  | 02 09 2011 05:20:50 +0000
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I would love even more if there is not tax at all.

Already I am paying thru my nose for the fuel (of which tax it the most important component) and taxes on all other products I buy. Why should I also pay tax on my income? Also, for what am I paying Tax - for infrastructure projects to happen in this country and for corrupt officials and politicians to make money using these infrastructure projects?


By G A Narayan, VP - Marketing, KE Housing P. Ltd.  | 02 08 2011 17:35:42 +0000
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In fact No income Tax is necessary at all, there are many ways to generate much more fund than presently collected by different kind of Taxes
By AJAY KUMAR KHAITAN, TECHNOLOGY CONSULTANT, TECHNOLOGY CONSULTANT  | 02 08 2011 17:17:07 +0000
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