Comments on: New Income Tax code – It’s time to act

By: Rajesh L

Rajesh L — Tue, 01 Jun 2010 14:50:23 +0000

Is it a Crime to be a Salaried Individual in India?????
Do you have any mechanism to track income of Businessmen or Professional as available for salaried via TDS ?????. If not then why salaried class people always suffer a lot so far taxation is concerned…Give maximum benefits to salaried people who do not have any escape from tax payment due to TDS…….Think TWICE…THRICE…before removing benefits for salaried….Don’t think like Britishers way…Be an Indian and think for Indians….Jai Hind

By: vsmurthy

vsmurthy — Sun, 30 May 2010 08:54:15 +0000

Dear Sir,

You can play with tax rates and slabs, and ETT, EET, EEE, TTT anything. But as a common man and salaried tax payer, I get confused to add, subtract, delete so many items and feel troubled. I know only one thing. Save for getting tax exemption current year and forget. To remember various channels of investments for gains or loss and tax, is really difficult for me. It takes away my sincere concentration from my actual field of work and keeps distracting every year, and forces me to keep a track of all unnecessary financial jugglaries. Take or tax at one point of time ( current year ) and forget. So many alterations in between will be forcing us to go to CA or Tax advisers or devote time to acquire knowledge on these non core priorities. So kindly simplify things. Take away as much tax at one time and make me feel free to enjoy the rest. Or go for expenditure taxation. Who will oppose that?????. Why cash transactions beyond INR10,000/- could not be prohibited. The lekages are lying there. Make tax rules simple for 90% of the simple & lay people. With Thanks.

By: Jagannathan

Jagannathan — Sun, 09 May 2010 11:13:16 +0000

The Govt. should abolish Income Tax in total to all Govt. salaried class employees. Tax on income and Tax on all services and purchases leads to double taxation on salaried class. It is irrational to tax the GPF withdrawls and any other savings the salaried class keep for their future. Any savings/maturity amount should not be taxed. Why the perks earned by politicians are not taxed ? Why the income generated from Agriculture are not taxed. Is it not a income?. Please do not tax the HRA, LTC or leave encashment benefit. Kindly re-introduce the Statndard Deduction for salaried class with enhanced limit to Rs 1,000,00 from Rs 30,000/-. It seems its a plan to take back the hiked salary using this plan and rather more. The plan may accordingly be revised to benefit the country as well as its responsible citizens. Instead of taxing middle class tax fat cat politicians and business men who loot the common man and be come super rich.

By: admin

admin — Mon, 28 Dec 2009 12:39:54 +0000

@Lekshmi.C
yes. It has to be taken into account. However, you can claim relief under section 89(1) for the same.

By: admin

admin — Thu, 17 Dec 2009 04:08:38 +0000

@Lekshmi
Pl check this GConnect article
http://gconnect.in/gc/service/personal-income-tax/online-tool-to-calculate-rebate-under-section-891.html

By: Lekshmi.C

Lekshmi.C — Sun, 13 Dec 2009 10:16:34 +0000

Dear sir,
arrears of payment received this year of previous financial years could be reckoned for calculating tax for the assessment year 2010-2011?

By: sethu

sethu — Tue, 01 Dec 2009 11:13:01 +0000

Dear Sirs,
My question is how can you tax your hard earned contribution in the PF at the end of your service?

If that is the case, why should anyone contribute to GPF only to be taxed in the end? What is the criteria? What would happen to all those who have contributed even small or bigger amounts, for example from LDC to Officers?

Does it not amount to cheating?

By: Omesh Sinha

Omesh Sinha — Thu, 12 Nov 2009 10:31:28 +0000

Dear FM, Is it not irrational to tax the GPF withdrawls and any other savings the salaried class keep for their future. Any savings/maturity amount should not be taxed. Why the perks earned by politicians are not taxed ? Why the income generated from Agriculture are not taxed. Is it not a income?. Its a request atleast not to tax the HRA, LTC or leave encashment benefit. Kindly re-introduce the Statndard Deduction for salaried class with enhanced limit to Rs 1,000,00 from Rs 30,000/-. It seems its a plan to take back the hiked salary using this plan and rather more. The plan may accordingly be revised to benefit the country as well as its responsible citizens.

Regards.

By: ssms

ssms — Sat, 10 Oct 2009 08:10:49 +0000

Dear Finance Minister
The taxes levied on Govt. Salaried Class are exorbitant. The Govt. should think seriously about abolishing taxes on all allowances. A Govt. employee gets these allowances based on inflation rate. This inflation rate is not the current rate but it is calculated with respect six month back dated.
Taxes on salary, Taxes on allowances, before allowances are given which is charged as per inflation rate, before getting allowances and Taxes on allowances after announcement.
Ha what a chain of taxing system.

By: vivekanandhan S

vivekanandhan S — Wed, 23 Sep 2009 09:01:48 +0000

In the new DTC there is a possibility of double taxation.

The GPF contribution amount for a month is already shown in the Income side , say, Rs.5,000/- in 2011-12. Even though we can show it as a savings for deduction under sec 80C, there may be some people who may not need to show this GPF subscription amount as savings under 80C and they may have other options for deduction. If we are to withdraw this Rs.5,000/- in 2012, July , we will have to include this amount in the income for the year 2012-13 (i.e. we will be required to pay tax on this Rs.5,000/- again). Thus the same amount is to be shown twice as income at different financial years. The correct method to tax the amount will be to tax the interest earned on this subscription……. Any body agree with me. If not please enlighten to me regarding this EET procedure of taxing the whole amount instead of taxing the interest amount as is done in Banks.