Income Tax Act 1961: Suggestion for making it Simple
Government had invited suggestions for simplifying Income Tax Act, 1961. In this connection I would like to suggest that “CHAPTER VI-A DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME” may be deleted completely and Personal Income Tax Exemption Limit be raised to Rs. 30 Lakhs.
This step will make life easier for Tax payers, Tax deductors in Companies and Banks and Income tax Assessment Officers. This will not only save thousands of man hours, but result in saving thousand Tons of paper also, which is Environment friendly. more
This step will make life easier for Tax payers, Tax deductors in Companies and Banks and Income tax Assessment Officers. This will not only save thousands of man hours, but result in saving thousand Tons of paper also, which is Environment friendly. more
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After suggested free limit no deductions should be allowed but Income tax rate should be done flat @10%. No surcharge, no cess, just calculate, compile and file. more
Nov 21
present govt has done nothing for the sr citizens with respect to benefits in Income tax They have been hit hard by rising prices and inflation and also their meagre pension not able to meet the rising prices Govt with every budget talks of reforms but are hitting sr citizens very hard and doing nothing and only taxing them more
Nov 19
Agricultural income for rate purpose is now a complication - may be abolished. How much does it contribute? more
Nov 10
