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POSTED BY ON February 6, 2011 2:11 pm COMMENTS (5)
There has been a survey by industry body Assocham on tax limit raising by govt in this budget
A lot of CEO’s interviewed said that the exemption should be raised to 3 lacs because of rising inflation and interest rates . DO you think its the right figure ? What are common man thoughts on this
Manish
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For the time being, I will happily accept the 3 lakhs exemption limit….
No matter what exemption we get from Govt we are in bad condition coz, the Govt failed to control inflation and corruption. If the govt control inflation and the value of money (by reducing rupee print) then the increase in exemption limit need not required. The apartment which used to cost 20-25 Lks 5 years back cost 50-60Lks now and the increase in income (salary) is still less.
Manish,
The need of the hour is not correcting the tax slab or increasing/decreasing the exemption amount. The only thing govt should focus on is the tax evasion.
Even as of today, how many of the people who do their own business are paying tax.. very very very few…
The moment the govt bring everyone under the tax regime.. I think govt can exempt even upto 5L still they can achieve their tax collection targets.
Manish,
Forgive me if my way of thinking is wrong, as per me there should not be any limit atlall.
DOnt be shocked what i meant there should be some kind of investment tool which should be directly used in infrastruture developmen & public welfare projects. While investing atleast 10% of ones income (everybody compulsarily) in growth of the country & hence no more amount should be taxed from his/her salary.
While taxation should be reduced, if possible eleminated & fines should be made as per ones earning for example if one had broken a traffic rule immediately 5% of his salary should fined on him irrespective of who he is. 🙂
And spending of these funds should be available to general public in open forum.
What do you say!
Avinash
I am with you .. thats the best thing which can happen, but its way beyond the possibility unless you or me become the finance minister 🙂
Manish