Income Tax law
I am of the opinion that ITax laws should be defined in such a manner that every citizen of this country can understand well. I recommended in previous articles that there should be 100% ITax over and above 50 lacs income p.a. This suggestion was not taken well. I thought it well and now suggest as under:
1-No tax upto 50 lacs
2- 50% total tax on income over and above 50 lacs out of which:-
a- 20% tax over and above 50 lacs should be towards contribution on CSR and
b- 20% should be contribution towards Itax
3- CSR amount should e available to new PLANNING department, who can invest in a organised way on priority basis. Even all CSR amount as per law from corporate sector should be received by them, just to ensure its well planned creation of assets.
No other tax or allowable deductions. more
1-No tax upto 50 lacs
2- 50% total tax on income over and above 50 lacs out of which:-
a- 20% tax over and above 50 lacs should be towards contribution on CSR and
b- 20% should be contribution towards Itax
3- CSR amount should e available to new PLANNING department, who can invest in a organised way on priority basis. Even all CSR amount as per law from corporate sector should be received by them, just to ensure its well planned creation of assets.
No other tax or allowable deductions. more
Viewed by 1015
View all 17 comments Below 17 comments
Maheshwariji, higher taxes leads to corruption. We should not opt for this option. It will be better if something can be done in wealth tax. Wealth Tax % may be increased to 5%. more
Sep 18
First of all, we are roaming in fool's paradise. Do you sincerely think any government is going to leave the bird in the hand? The IT dept is one of the most corrupt dept. Do you think that they will easily let go the parsons who easily get trapped into their net? I would quote what happens in other countries. My friend is working in UK. There was some alterations in the IT rules for salaried persons. However, due to computer error the employers deducted excess amounts and deposited same in the treasury. One daily broke this news after the financial year was over and everyone applied for a refund and people got their refunds of few pounds. This inspired my friend also joined the pool. But unfortunately he got a reply that in his case the deduction was short of required amount and he required to pay some St Pounds 150.- [Rs 15000/-] to the exchequer. However, as per Government policy sums below StP. 200.- genuinely omitted are not to be persued and hence we are forgoing this amount. Could you imagine if it was even Rs 150/- what would have been the fate? IT would have levied a penalty of 5000/- and interest of some fancy sum thus making life of that tax payer miserable. The other side of coin is that if known this rule, all tax payers would have been advised to pay that much tax less by their advisers. ACCHE DIN is a subjective term. KUB AYENGE KYA PATA? more
Sep 16
Mr. Maheshwari, pls re-think one more time as it does not sound logical. I'm certain we'll have something better this time. On September 15, 2014 12:28:22 PM GMT+05:30, Pramod Maheshwari wrote: > more
Sep 16
