we can link the income tax to social security by simple adjustment THE INDIVIDUAL INCOME TAX DIVIDED IN TWO CATEGORY 1 ST- AS PER THE EXISTING LAWS ANS 2 ND -- AS PER VOLUNTARY SCHEME , THE VOLUNTARY SCHEME MEANS THOSE WHO WANT JOIN IN THIS SYSTEM. FOR EXAMPLE A PERSON IS TAX CALCULATED 1 LACK RS HE SHOULD DEPOSIT 25% ( EXAMPLE) MORE AT THE SAME TIME LIKE 1.25 LACK AND IT SHOULD BE CONTINUE TILL HE PAYS THE INCOME TAX , AFTER THE AGE OF 60/65 YEARS OR IN ANY OTHER CASE OR NATURAL CALAMITY OR UNTOWARD INCIDENT HAPPEN LIKE DISABLED AND CAN NOT WORK ANY MORE IN THAT SITUATION THE ENTIRE CONTRIBUTION TO INCOME TAX WHAT HE PAID TILL THAT DATE THE GOVERNMENT SHOULD PAY THE INTEREST ON THAT AMOUNT FOR HIS SURVIVAL TILL LAST

we can link the income tax to social security by simple adjustment
THE INDIVIDUAL INCOME TAX DIVIDED IN TWO CATEGORY 1 ST- AS PER THE EXISTING LAWS ANS 2 ND -- AS PER VOLUNTARY SCHEME , THE VOLUNTARY SCHEME MEANS THOSE WHO WANT JOIN IN THIS SYSTEM. FOR EXAMPLE A PERSON IS TAX CALCULATED 1 LACK RS HE SHOULD DEPOSIT 25% ( EXAMPLE) MORE AT THE SAME TIME LIKE 1.25 LACK AND IT SHOULD BE CONTINUE TILL HE PAYS THE INCOME TAX , AFTER THE AGE OF 60/65 YEARS OR IN ANY OTHER CASE OR NATURAL CALAMITY OR UNTOWARD INCIDENT HAPPEN LIKE DISABLED AND CAN NOT WORK ANY MORE IN THAT SITUATION THE ENTIRE CONTRIBUTION TO INCOME TAX WHAT HE PAID TILL THAT DATE THE GOVERNMENT SHOULD PAY THE INTEREST ON THAT AMOUNT FOR HIS SURVIVAL TILL LAST more

Helpful Tax, Investments and Retirement Jan 06

Viewed by 460

NS KHAMESRA

The idea is that for EXAMPLE A PEN-CARD PERSON honestly pays the income tax AND at the age of 55 he meet an accident and now he cant earn any thing . if he pays the income tax in his life every year 100000/ Rs X 25 years = total tax paid 2500000 / Rs so at this STAGE he MUST get AT lease interest income on amount his contribution to the income tax by the GOVERNMENT for his survival till his life and if B PEN-CARD person contribute towards income tax 8000000/ Rs so he must get interest income TILL HIS SURVIVAL -- THE MESSAGE IS VERY CLEAR TO MOTIVATE THE PEOPLES TO PAY THE INCOME TAX HONESTLY AND GOVERNMENT WILL TAKE CARE FOR THOSE HONEST PEOPLES AND Second thing the balance earning he can put in some productive purpose not keep money IDEAL more

Jan 07

SHASHIKANT RASANIA

The idea may not suit govt, particularly bureaucracy. It is difficult to put in practice. more

Jan 07

Prasad M

Looks good on theory. But practical problems like lower tax collections may be cited. We can think of sr. Citizens > certain age, for e.g 70, may be completely exempted from tax purview. The govt may consider lowering the age limit as n when possible. more

Jan 07