| Topic : New Income tax slab |
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Finance & Accounts |
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550 views;
last activity : 08 19 2010 21:20:39 +0000
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Allow tax benefits on Housing loans
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Remove all taxes!
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even if there is no tax we would ask somethig.
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Proposed Direct Tax Code will be more productive
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blunder if government comes out with this
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Lower limit yet unchanged
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Long term Capital Gain should be non taxable.
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EET Rules and Wealth Tax
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Tax rates change
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give some benefit for student in education loan & rate of interest
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Home Loan, Education Exp, HIgher Education
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In the new law that is proposed, taxpayers will not be able to claim tax benefit on interest repayment on housing loans, i think this should be relaxed and there should be Tax benefits for the repayment done on the housing loans that people have taken, this will help a common man in a great way... |
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I agree with you guys. Some people have taken housing loan recently especially to avoid Income Tax. These people will be affected. It should be exepted.
The tax benefit has to continue cos it is real motivator for the investor. On the one hand it enables industries like steel, Cement etc to grow and results in revenue to the govenment by way of corporate tax. Withdrawal of tax benefit will result in slow down of the growth of housing construction industriy as well related industries.
I agree. In fact today there is an article in TOI that HDFC has announced some cuts in the interest rates for loans ranging between 30L to 50L!! So the dream home is not far away!! I also feel that there should be minimum tax on FD's and investemnts in stocks and other such schemes. PPF should not come under the tax scanner at all!! Thatsmy feeling!1 But I really like some changes made to the new tax laws.. its PROGRESSIVE for the first time and indeed people friendly!!
Its simple, there will be more cash flow. People will spend more paper money as its available and plastic wioll take a back seat.It will be a huge help to financial instituions (BANKS) as they will have a decrease in delinquency rates as well.. overall an effort that needs an applause I feel!!
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I can suggest a total tax free regime throughout the country. It is not a blind suggestion. I have worked on how to keep revenues of State/Central governments in tact so that developmental expenditure could be incurred on a much larger scale than at present. Do I have right ears for this? |
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Deepak, no country yet has looked into it. Like I have indicated, governance has a meaning and definition. When most government functionaries take a formal oath, they also take an informal oath - "I will do nothing drastically different".
Some people receive glory (for instance Abdul Nasir Sab and Lallu Prasad Yadav. Abdul Nasir Sab did not anticipate the impact when he started the first borewll project. Only when looked at national context and rural needs scenario, this effort appeared big. Then he continued in all earnestness. Similarly, Lalu Prasad never imagined that he would become a Harvard study. Looked in the context of enormous size of Indian railways and its turnaround, he received the attention he did. Otherwise, both these people were normal politicians who were not missionaries of change.
I can not comment on any one. I have not yet made any meaningful effort to publicise the program I have in mind.
Keeping in mind a picture is something. To publish it as a study paper is something else. I need to really do lot of research, incorporate economic principles into it and also test my proposals under the critical scanner built in economics. I also need to offer specific proposals. I have done 60% of the work but the other 40% has become elusive.
Sometimes I really feel that I could be more useful to society if I concentrate only on projects that are useful to society. But then I have a life to live and my constraints in life are also too many. I can only devote a part of my time for these things.
Hi,
It's really nice to read your views.Could you please tell us if there is any country who uses the similar type of concept as suggested by you earlier?
There has been so much talk on "thinking out of the box". Unfortunately, most people accept that function of a particular department, position or an individual is only as per the definition. This is more so when we look at functions of the Government - departmentwise. Most people within the government or outside it, are simply conformists - for them government rules and regulations are a sacred bible. Even if it is not so sacred to them (they think of devious ways to conform with the norms), they would like to conform so that they will not be under risk in future.
In this scenario, can "thinking out of the box" be possible? The danger when people do not think out of the box is that they overlook a strength their unique position offers them. Such strength could transform the organisation if used in the right way. After all, resource becomes a resource only if there is a value to it. If no one uses it, it loses its value as a resource.
I have identified one unique biggest resource these conformists have. Being conformists, they have not looked out of the box and identified their strength. Once they do, we can have the entire country registering themselves with these authorities and not the other way round.
This is not a small job. There has to be a radical change in the outlook. All government departments have to take a plunge. Only two persons can do this - the Prime Minister and the Finance Minister. But if a group of economic/financial analysts would like to debate this issue, I can present my views even without publishing it. Or if a magazine/TV channel (of course after discussing, clarifying, and convincing themselves) would like to publicise this as an alternative, I could announce it too.
One thing I can assure on this platform is that this is possible. Not only for India, but for the entire world. Everything has a clincher. My proposal has a clincher. The Government need not appear to be butchers always bent on taxing people. They can remain benefactors. There will be revenues generated for developmental expenditure. What is more, I can even indicate how politicians and corrupt people can make money even in that scenario!!
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we are never satisfied kinds.the government is sayiing just 10% tax till rupees 10 n lakhs.above 160000. that is comes to 8.4% on total income if you have income of 10 lakhs.plus investment upto 3 lakhs if invested is tax free.untill withdrawn. in th eyear of withdrawal if you come under ten lakh you are still taxed at less then 10%. filing of returns becomes so easy. |
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yes I am totally agree with Sudesh. You can't expect more. Getting exemption under 80C of Rs. 3 lakh and tax rate of 10% upto income of Rs. 10 lakh.
Considering that India's major popultion in future will comes under the bracket of Middle class this is the very good step taken by finance minster.
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Recently introduced direct tax code will be more compatible and easy to understand, drafting is in such manner that even layman can understand the povisions of the law. Ofcourse there are certain debatable provisions in the law which can be cleaned before implimentation. Provision in the law relating to alternate tax based on gross assets will be beyound the intention of the law, It is not tax on income but tax on assets. I do not think that will encourage investments in India. If keep apart few anomalies like i mentioned herebefore, the proposed code according to me is nothing but old wine in new bottle. Asset based taxation will shift the incidence of taxation to the ultimate consumer, not to the assessee directly. |
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you would have so many memebers of house who have incometax files and the income would be distributed .people with lesser tax bracket would be given kick backs to file higher incometax returns and give loans.or invest back in the equity of company floated to chanel back the benmi investment.show slump sale of equity and avail capital gain loss. as it is we are indians and we get a kick out of breaking rules.it can give rise to a new trade filing incometax returns and becoming front man of some one. someone enterpridsing would have twenty or more depending upon the income such people and could easily get away from tax at lower rate.government should think again.we are not honest income tax payers to 100% to follow rules.we hate being under a regime which dictates rules. if you reduce the number of rules and make income tax simple to follow,and pay it would go a long way.if you make income tax rules simple the tax man and chartered accountatnt would loose there incomes.there is a vested interest in keeping laws cumbersome. if all our incomes would be in white how would we break rules.no fun..no thrill..i do not get the satisfaction that i have manage to actually make th egovernment change rules when i break them.i woul dloose my employement ,i thrive on breaking rules. indias gdp would grow mear fact that so much white income would be declared. what happens next year when some other finance minister is in the helm of affairs and he reduces the slab |
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All govt. claims that they are for dabe,kuchale poor etc but for them nothing.lower limit is still 1.6 lacs,compare with 10,25 and 30 lacs |
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I believe whatever amount any individual is investing maybe in Ulip, Mutual Fund, Equity or anything should be all tax free upto any amount. Also all Long term Capital gain should be tax free. I feel that it will make people invest more which is good for the economy and also for a longer time in order to get the long term capital gain tax free. |
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Firtsly its not New Income Tax Law....Its Proposed Direct Tax Law 2011.... EEE should replace by EET....Now all our saving are under Exempt Exempt Tax Rule (EET).....means all the savings are taxable when they get matured whether its from LIC or any other which we done for Tax Exemption in earlier years...... New Wealth Tax Rules also effect Normal Indians......... |
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I feel that the government should change the tax rate slabs and should about the tax on a single point. Tax should be deducted at the time of payment and a minimum tax rate should be charge. When a payment made to the receiver the tax should be deducted and after that there should not be any tax. |
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As a student i am thinking about those student who have not good economic back ground, they are not study in just like MBA, engg. etc. That why i want some relief on education loan for a good higher education. it's benefit for all medium class people as well as for our society. |
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At least for people whose income is below 5 lac tax benefit on home loan should be continued, Education Fees exemption should be raised to atlease 25,000/- per chilld, per annum. Should provide loan for higher education like PHd and that interest and pricipal paid should be exempted from the income tax From Sudha Shree Kumar, Accounts Manager. |
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Needed TOTAL review of Laws & Constitution vs Needed LIMITED review of Laws & Constitution |
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321 referals
11 arguments,
65 views
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Should income tax exemption limit be raised to Rs 3 lakh?? |
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1039 referals
36 arguments,
300 views
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What should be the ideal tax limits in your opinion to increase tax collection as well as lower... |
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84 referals
3 votes,
64 views
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Please give out every possible logical and rational idea which is practical in present context. |
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81 referals
5 votes,
110 views
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What are the ideal feature a professional network should have. What more do we require than just... |
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2627 referals
5 votes,
242 views
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0 referals
3 votes,
53 views
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