Suggestions for Changes in Direct Tax Code
Government is looking at making changes in Direct Tax Code after bringing in the reform in Indirect Tax Code via GST. Given below are some suggestions which will result in more compliance, less harassment to senior citizens & persons with disabilities and reduction in deposit of money in Tax Havens abroad.
1. Income Tax Rates (all figures in INR)
Up to 10,00,000.......................................NIL
10,00,001 to 50,00,000..........................5%
50,00,001 to 150,00,000.......................10%
150,00,001 to 500,00,000......................15%
500,00,001 and above.............................20%
2. No deductions from income. Section 80 of IT Act, 1961 to be deleted.
3. TDS @1% on interest exceeding 1,00,000 in a year
4. No TDS on any other income
5. No deduction on account of Depreciation and Operating & Maintenance expenses of Cars to
business entities and self employed professionals. This will reduce the use of cars for personal travel and increase use of mass transport vehicles and result in less air pollution and traffic congestion.
6. Tax on capital gains both short term and long term @ 5%
7. No tax on EPF amount at the time of withdrawal.
8. Interest income from small savings accounts and term deposits will be taxable. more
1. Income Tax Rates (all figures in INR)
Up to 10,00,000.......................................NIL
10,00,001 to 50,00,000..........................5%
50,00,001 to 150,00,000.......................10%
150,00,001 to 500,00,000......................15%
500,00,001 and above.............................20%
2. No deductions from income. Section 80 of IT Act, 1961 to be deleted.
3. TDS @1% on interest exceeding 1,00,000 in a year
4. No TDS on any other income
5. No deduction on account of Depreciation and Operating & Maintenance expenses of Cars to
business entities and self employed professionals. This will reduce the use of cars for personal travel and increase use of mass transport vehicles and result in less air pollution and traffic congestion.
6. Tax on capital gains both short term and long term @ 5%
7. No tax on EPF amount at the time of withdrawal.
8. Interest income from small savings accounts and term deposits will be taxable. more
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Sir, Thank you for clarification. I thought you got some inside information which exited us all. Really speaking middle class income people are suffering a lot by paying income tax which is being distributed to Govt employees by way of Pay Commission Ashok Kumar. B On Wednesday 29 November 2017, 8:52:50 AM IST, MOHIT PANDE wrote: more
Nov 29
Dear Mr. Ashok Kumar, These are practical ideas which can be implemented. The menace of black money can be killed by attacking the root cause which is high rates of personal income tax. There are many countries which do not have personal income tax. Unfortunately in our country it has become difficult for people to accept that personal income tax can be lowered or abolished. Government has invited suggestions on Direct Tax Code and it is our duty to give suggestions. more
Nov 29
Dear Mohitji, Thank you for your clarification, but is this all Utopian ideas or your Imagination, or is ther any concrete basis for such writings. Some news came that in Korea some body has found a medicne for growing hair on a bald head. No further news about it. How to become slim ? more
Nov 28
Thank you.The average rich man/modestly rich-earnings from all sources are at average Rs4,00,000/- to 6,00,000/-...Average lower middle class is Rs2,00,000/-In Sustainable Development goals of UN[17 NOS-INDIA ALSO SIGNED][1]poverty to be eradicated[2]No hungry person shall be left out[Hunger to be avoided].these are government priorities. more
Nov 28
Dear Mr Viswanath Kaushik kindly mention the person's name whose e mail ID you want. more
Nov 28
Dear Sri Ashok Kumar I needed your email Id provided if you have no objection. I wanted to share my detailed thoughts about Taxation to elicit your views. =sviss38@yahoo.com more
Nov 28
Dear Mr S N Sitaram, Just go and do agriculture work like the farmers are doing far away from the comforts and luxury of city life, not for one or two days but for ever, producing food for us all and waiting for mother nature to be benign bountiful to grow crops. I have tried to grow plants in my son's backyard and when a small shoot comes out I was thrilled, only it was short lived. Soon it dies, or if at all it grows may be one or two Tomatoes that too tiny, or a few leaves of coriander was all I could grow. Have pity mercy and be grateful on such noble souls who have turned once famine hit India that is Bharat, into food paradise. I frequently visit USA where you would not believe the cost of everything is herculean. We get dirt cheap. more
Nov 28
Food is cheaper in USA as compared to India. Perhaps you did not visit the right stores. more
Dec 09
