Compare tax benefit under existing & new tax scheme easily

Thanks. Very Useful. more  

It is very sad that the Government is not keen in listening to the recommendations and is pushing what the Babus in the Finance Ministry put up for approval. Why the Ministers and the Ministers are getting salary without tax when the Soldiers are paying the Tax. It is really pathetic and shame. Mera Bharat Mahan more  

Tax Guru have generalized Investment & Std Deduction. This may not be correct for Senior Citizens, NRIs & persons who are or have Divyang dependants. Many persons earning more than 10 Lakhs/year employ Tax Consultants. I request our Resource Pandeji to kindly take up the following suggestions in view of Socially justifyable Income Tax & our National Interests. 1. The Government wants to stimulate House Construction & ownership. We observe building house earns barely 2% Returns on Investment. In the new Tax Regime to change this HRA Conssesions, Deduction of Municipal Tax payments, Rent earnt by leasing Residential accomodation should be Tax free for not just Salaried persons but for all. Due to transfers in employment or for profession common men move from place to place, they cannot afford to own a house with 2% Returns.If Retired persons get these Tax Deductions, they can afford to build a house. It will generate employment to Construction Workers. 2. Travel & Tourism provides employment & Local Government earns Taxes. Therefore LTA concession for travel within India should be allowed for all, not just for Salaried Class. LTA deduction should include, Rail fare, Air fare, payments to GST Registered a) Toll agencies, b) Parking / Entrance fees, c)Travel Charges for Bus/ Taxies, d) hotel rent. It will increase GST Registrations/ bring many Tour Operators in Tax Net. 3. The Government needs Mammoth funds for Defence Expenditure & Infrastructure Development. Govenment can collect huge corpus by issuing 7% Simple Interest 5 year Defence of India Bonds, without any Ceiling on amount to persons, Corporates, 100% Indian owned Companies, Institutes. This will ensure Public Participationin Defence. 4. Infrastructure Bonds are dis-allowed since 2009, but we find companies like ILFS, GMR, JP, Air lines, Telecom Companies, NBFCs are facing Financial Crunch / Bank ruptcy. If they get permission from SEBI to raise 3Year Secured Bonds to Public, based on their Reserves & Net-worth of assets, they can be saved & Enormous Employment can be generated. There needs a Ceiling on Tax free Relief on Purchase of Infra Bonds maximum 5% of Annual Taxable Income. 5. The Govenment is encouraging Foreign Institutional Investors. The same tax rates should be applied to NRIs & NREs since their KYCs can be verified easily than FIIs. 6. No professional nor any employee is eligible for tax free gratuity or life long Pension after serving just for 5 years, but our beloved MPs, MLAs get Tax free Pension plus Perquisites. If there is an Equality, all MPs, MLAs Pension plus Perqusites should be taxed & they must declare all the assets/ Investments & bank accounts they/ spouse & their family members hold All Over the World in Affidavit, oath binding forefeiture for failure to Declare. This is essential for Public Sanctity followed by our Leaders & Politicians themselves. It will catch a lot of Big Fish in TaxNet more