Centre may hike Income Tax exemption limit from Rs 2 lakh to Rs 5 lakh

IT department is claiming that 2l to 5l limit increase will lead to loss of 60 thousand crs.
Expect major tax reforms when Dtc comes into effect.
 
They don't give a damn when the govt spends 90k+ crores on useless govt schemes. When people get some tiny relief after a decade they get upset. Stupid income tax people. I wonder if they pay income tax on the bribes they take from business men. :mad:
I feel like punching such idiots in their face.
 
6pack said:
They don't give a damn when the govt spends 90k+ crores on useless govt schemes. When people get some tiny relief after a decade they get upset. Stupid income tax people. I wonder if they pay income tax on the bribes they take from business men. :mad:
I feel like punching such idiots in their face.
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I doubt if they have any role in this as in when the government sets lofty targets for them with respect to tax collection, it's their ass that is on fire.

In short, they are just puppets in the overall scheme of things. Of course, this is not counting the instances where people (more like business-people) have to please them. In those situations, they become the puppet masters.
 
Exemption slab from 2 Lakhs to 5 Lakhs seems improbable.

But what could be ideal would be exemption limit of 3 Lakhs & 80C limit of 2 Lakhs. This would encourage people to invest more in savings schemes.
 
Also extra tax should be added on Super Luxurious items like expensive paintings, high end cars, even IPL auctions wherein player gets 5-15 Cr just for 45 days of play
 
Ideally it should be 10lacs. In most places prices of homes are >30lac. Property prices double every four to five years in many cities. Even if you save 10 lacs a year it will take 3+ years to get a home. In three years the prices would have obviously increased by at least 40%.

Add to this, greedy builders who will increase rates thinking more rich people are there in India. The circle continues.

People having <10lac per annum won't even be able to afford to buy a house unless tax slabs are adjusted. Coming generation will find it even harder to buy homes.
 
ashishsahu said:
IT department is claiming that 2l to 5l limit increase will lead to loss of 60 thousand crs.
Expect major tax reforms when Dtc comes into effect.
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No Scams/little scams = 5 lakh crore/ year to the exchequer.

That's doable by this govt.

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Read it somewhere. Do not recall.
 
Dont expect major reforms.
If such thing happens be sure all these 80C ,mediclaims and other housing loan interest benefit will go.

Remembered when dtc was decided how much reform were suggested and see where that draft is now.

Government wont allow low earning member to go out of net.As they are the most easy fish to catch for small mistakes whether its forgetting to add FD income in salary or bank interest .Also just a single notice is enough to threaten them to pay extra for very minute mistakes whereas big fish easily go for appeal and delay the matter or do afford to do same.Also if limits are increased the biggest source of income TDS from fixed deposit will be under treat.

I do expect reforms but this year i dont see more than 2.5 lakh with no tax as already 4 months has completed and next budget is just around next march whose preparation starts from October 2014 by sending and asking representation from various sectors what are their needs and demands.
 
I think they should increase the bracket for senior citizens till 5 lac, with the current cost of living and medical bills, they should be given more incentives.

As for others, I agree with MAGNeT, 2.5L, tops 3L. 5L is not feasible. Super tax on rich - dont think that will work that well.

Bank FDs should be tax free if the interest is upto a limit per year. Most of the FDs have 9% returns which do not beat inflation.
 
It's high time tax rich farmers. Super rich farmers in punjab drive audi, ride personal choppers n still not pay a single paisa as tax legally.
Imo that is the biggest loophole in existing IT laws.
One cannot exempt the whole agricultural sector considering everyone poor.
 
ashishsahu said:
It's high time tax rich farmers. Super rich farmers in punjab drive audi, ride personal choppers n still not pay a single paisa as tax legally.
Imo that is the biggest loophole in existing IT laws.
One cannot exempt the whole agricultural sector considering everyone poor.
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Wont happen..All politicians are farmers .Easiest way to show cash as income from foods sold .
 
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