9911796707
TMI BlogWHY THERE IS A HIGH DEMAND FROM THE MEJORITY PEOPLE OF INDIA TO INCREASE THE I.T. EXEMPTION LIMIT TO ₹ 5.00 LAKH?X X X X Extracts X X X X X X X X Extracts X X X X ..... WHY THERE IS A HIGH DEMAND FROM THE MEJORITY PEOPLE OF INDIA TO INCREASE THE I.T. EXEMPTION LIMIT TO ₹ 5.00 LAKH? - By: - krishna murthy - Budget - Dated:- 31-1-2017 - - As everyone aware that the main aim of the Govt to impose the Direct Taxes and Indirect Taxes is to create the responsibility of the high income earning people and make them to share the responsibility to pay the Income Tax during the respective financial year. And to distribute the so collected taxes for the development of the country, Viz., For development of Industries, Agriculture, Science Technology, employment creation, Security, for social welfare schemes, subsidies, administration expenses, Pay back Loans and Interest there on and others time to time. The aim and the intention of the Govt. is right and correct. Unfortunately, for the last 68 years, the Govt (s) are imposing Direct Indirect taxes on all the people, irrespective of their actual incomes. Whatever reasons it may be. Because of this only the low income, honest and innocent salaried employees only suffering loosing more. By the same time, the un organised sector business people Viz, Kirana shop people, Cloth merchant people ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , Hotles running people, some medical shops people, Pan shops people, Stationery shops people, Real estate agents, Doctors, lawyers, babas , gurus, Astrologists etc., escaping from Taxes and becoming Rich. Years together, the Poor people are becoming too poor and Rich people are becoming too Rich. So now it is more essential to increase the I.T. exemption limit to ₹ 5 Lakh , for all the individuals, irrespective of men and women and ages. These are all confusion and complicated. The main reasons to increase the I.T. exemption limit from 2.50 Lakh to ₹ 5.00 Lakh are: Fortunately, the ban of high value notes i.e., ₹ 500/- and ₹ 1,000/- notes, about 15 lakh crore rupees, whether it is accounted money or un accounted money or white money or Black money, came to all the Banks. Here, everyone must accept that about 15 lakh crore rupees blocked in the lockers, halmiras, strong rooms etc., as idle and as un productive, now came to the Banks. Another great news is that the people were identified with their Bank accounts and accounted money. Hence, here after no one will be escaped from paying the Income tax, Penalties and others . That means, the high va ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lue notes ban system , automatically, brought many people in to IT net. Income Tax Returns filing people and Income tax Penalties paying people will be increased, without escaping from even single rupee of Tax. So, now the Govt should not narrow the I.T. exemption limit. It should be widen. Hence, the IT exemption limit must increase to ₹ 5.00 Lakh to all the Individuals, in this budget. Today the gap between Rich and Poor is so high. Rich people do not have 4 hands, 4 legs, 2 heads without having a mouth. Further, no one is born with golden spoon. Some people say that their assets came from their fathers, mothers, grand fathers and grand maas, Uncles and Aunties. Even those people also do not have 8 hands, 8 legs, 4 heads without having a mouth. Even if they do the business, they may show maximum profits 10 to 20% profits only, in the books. Then, within few years, how the business people are becoming bilinear? So, in the systems only, there are some un known loop holes, which we have to find and stop. Due to high gap between Rich and Poor, even after 68 years of independence also, Poor honest and innocent people are standing before the Rich and Corrupted B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lack money people, with the folding hands. Hence, to protect the honest and innocent poor people and to have some amount in the hands of low income people, the IT exemption limit must increase to ₹ 5.00 Lakh to all the Individuals, in this budget. Today the cost of living is more. And the honest and salaried employees are only bounded to pay tax and penalties etc.,. Whereas, the un organised sector business people Viz, Kirana shop people, Clothe merchant people, Hotels running people, some medical shops people, Pan shops people, Stationery shops people, Real estate agents, House owners etc., are not paying single rupee towards Income tax. But they are earning lakhs of rupees. In the same way Doctors, lawyers, babas, gurus, Astrologists, Political Leaders and their workers, Bureaucrats etc., earning more but they are paying nominal and some times NIL. Hence, the IT exemption limit must increase to ₹ 5.00 Lakh to all the Individuals, in this budget. Today, because of may be different loop holes and other reasons Rich people are becoming too Rich and Poor becoming too Poor . For the social justice and economic balance, only high income people only should p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ay the tax. And the low income people (below ₹ 5 Lakh) should not pay any income tax, to improve their purchasing power, improve savings for the future needs and to live honestly in the society. Hence, the IT exemption limit must increase to ₹ 5.00 Lakh to all the Individuals, in this budget. Once IT exemption limit increase to ₹ 5 lakh, the low income people will get freedom to live happily without any mental tension, physical tension and financial tension. Hence, the IT exemption limit must increase to ₹ 5.00 Lakh to all the Individuals, in this budget. By the same time IT Department officers also will get more and sufficient time to concentrate on high income people and unorganised sector business people really taxpaying capacity people. They can more efforts to bring back the Black money from the Swiss banks and other banks . They can put more concentration on TRUSTS and FDI s etc., Hence, the IT exemption limit must increase to ₹ 5.00 Lakh to all the Individuals, in this budget. Today, there is news that about 64.5 lakh people have received IT notices for not filing IT returns or may be some other reasons. Out of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se, about 32.25 or more people, may be related to below ₹ 5.00 Lakh income only. Once the IT Exemption limit increases to ₹ 5.00 Lakh, the IT Department officers can save this much burden valuable time, for the un necessary sending of notices. Hence, the IT exemption limit must increase to ₹ 5.00 Lakh to all the Individuals, in this budget. The tax what the Govt is going to collect from these low income people is very nominal i.e., 0.5 to 1%. Once, the increase of IT exemption limit to ₹ 5 Lakhs, lakhs of honest and salaried employees mental tension, physical tension, financial tension and IT Department harassment will go out. And they cannot try to evade tax in wrong routs. So the Govt should not allow the people to do mistakes and should not make them fear. Hence, the IT exemption limit must increase to ₹ 5.00 Lakh to all the Individuals, in this budget Besides to that, some times IT returns filing people are not eligible for Govt welfare schemes . So, both the ways, these low income people are loosing. Hence, the IT exemption limit must increase to ₹ 5.00 Lakh to all, in this budget. IT is long period pending request ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from the majority people. Hence, the IT exemption limit must increase to ₹ 5.00 Lakh to all the Individuals, in this budget. I.T. calculations and I.T Rreturns filing is also very complicated and it is not possible even for the post graduate educated people also, without any training. For the low income people, it is a unnecessary burden. High income people, any how, they are able to arrange auditors for their IT returns filing. Hence, the IT exemption limit must increase to ₹ 5.00 Lakh to all the Individuals, in this budget. Since the IT Department Officers are only concentrating their valuable time on low income people and honest salaried employees. And the rich and high income people, corrupted people, Black money people, easily escaping from paying actual income tax or by paying less income tax. Due to lack of control and concentration of the IT department people, the Rich, corrupted and black money people are keeping their money in real estates, Gold, Stocks, foreign currencies, Benami assets, Agricultural Lands, Real estates, in Lockers, Almirahs, Swiss Banks ,TRUSTS, FDIs etc., Hence, the IT exemption limit must increase to ₹ 5.00 Lakh to a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ll the Individuals, in this budget. Due to high value notes ban, confusion and fear increased in the low income and middle class people. Their consumption and purchasing power reduced. And small savings and investments are totally closed. So once the I.T exemption limit increases to ₹ 5.00 Lakh, the low income people will get freedom and starts to improve their purchasing power, consumption and investments. Without purchasing power, consumption and money circulation India can t grow. Hence, the IT exemption limit must increase to ₹ 5.00 Lakh to all the Individuals, in this budget. The honest and Salaried employees records are ever ready with the employers any time. Hence, these people are not escaping from filing I.T Returns, paying Income Tax, education cess and penalties, Interest etc., Where as the high earning people Viz., Kirana shop people, jewellery shop people, Cloth shop people, hotels running people easily escaping from paying Income tax, since they do not raise bills and do not maintain any records. The punishment to the honest and innocent people and protect the business people is not correct system. Therefore, the Govt, must widen the Income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tax exemption limit at least to some extent. Hence, the IT exemption limit must increase to ₹ 5.00 Lakh to all the Individuals, in this budget. The Govt should not have only the intention to increase the IT Returns filing people. It is a waste of time, money and tension for the both. They should concentrate only, on those high earning people, deceiving people, corrupted people and Black money people. And make them liable to pay the Income Tax and penalties. For this, the Govt must develop the system, without touching their callers of any one. Today, the ban of high value notes, already developed the innovative system, to some extent to collect more Taxes from the high bank balance people. Hence, the IT exemption limit must increase to ₹ 5.00 Lakh to all the Individuals, in this budget. Further, the GST is going to effect from 1 st July, 2017. Once, it is implemented, no business man can escape from paying either Direct Taxes or Indirect Taxes etc., While doing GST registration only, one can know the strength/power of the GST Act. So the tax collections will be more, comparatively previous years. Hence, the IT exemption limit must increase to ₹ 5. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 00 Lakh to all the Individuals, in this budget. Today in so many areas there is no Income tax, as per Income Tax Act,1961. Thus they are getting benefits, getting Rich and enjoying lives. Hence, the IT exemption limit must increase to ₹ 5.00 Lakh to all the Individuals, in this budget, to make the people equal to some extent. In the present society, only the deceiving clever smart people and corruption intention people have more chances to do the corruption and to keep the Black money and to purchase the benami assets. Agriculture lands are the source of the haven to Corrupted and Black money people, to pump their Corrupted and Black money . They are Purchasing agriculture lands at lower rates and selling at higher rates and getting exemptions. Thus they are becoming too Rich with the white money only. But the low income people (below ₹ 5 lakhs Income) not getting any thing and the other side there is a harassment by means of notices from the IT Departments. Hence, the IT exemption limit must increase to ₹ 5.00 Lakh to all the Individuals, in this budget. OXFAM is an international confederation of 19 organizations working together wi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... th partners and local communities in more than 90 countries. It says that one person in three in the world lives in poverty. OXFAM is determined to change that the world by mobilizing the power of people against poverty. The OXFAM International has reported in Davos recently that 50% of Indians wealth is in the hands of only 8 members. And the balance 50% wealth is in the hands of about 127 crore Indians. This was published worldwide. Now, we can analyse that out 50% wealth, 49% of wealth is only in the hands 1,000 members. And balance 1% wealth is in the hands of about 127 crore people minus 1,008 members. First the system must find the reasons, how they accumulating the wealth? Where are the loop holes? How to stop? Meanwhile, the I.T. exemption limit must be increased to 5 Lakh and the maximum Tax also to be reduced simplified. - Reply By krishna murthy as = This is the continuation to my artcle WHY THERE IS HIGH DEMAND FROM THE MAJORITY OF PEOPLE OF INDIA TO INCREASE THE I.T. EXEMPTION LIMIT TO ₹ 5.00 LAKH? '', 20. It is also a fundamental right of every Indian to live Equally ,Economically, Socially and honestly in all spheres . This is possibl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e only, when legitmate employees and Labour earn money in full against their hard work.Practically it is not happening in real life and it is not possible also. When the employer is becoming a billionaire with in a year, but they are not sharing , so earned profits to the employees or labour, except fixed packages. That is the reason , today 50% wealth of Indians is in the hands of 8 members as '' OXFAM International '' said. No employer will become a billianaire , with in short period , without hard work, knowledge, suggestions and ideas of employees and Loabour and other techniques. Though , they can not accept this and they are not ready to share the profits to the employees and Labour. Because of Libarlization , Privatization and Globlization, many employees are under pressure to work about 10 to 12 hours to work a day in differnt shifts.Besides to that , even employer share of PF also deducting from the employees only. Further,no Acts apply to some of the organizations. the reason is that one side LPG and the other side un employment is more in India. Because of all these factors , the low income people suufering a lot. So , instead of decreasing a t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ax rate , it is greatful the govt to increase the I.T exemption limit to ₹ 5.00 Lakh , to all the people common. And the Govt should not put the burden of filing returns regulerly and do not make fear by sending notices for the small 'pea nut' of taxes. It may give an option to the low income people to file the returns to claim refunds and for Bank loans etc., 21. Simply , increasing the 'I.T. Returns filing people ' in to tax Net is may not friutful. It is waste of valuable time, Money, hard work of I.T officers for the small amount of taxes. It may also create for the black mailing and un ethical issues may arise. As 'OXFAM International' said taht 50% of total welth is with the 8 members. We may say about 1,00,000 people having 90% of worth of Indian wealth. So, It is better to concentrate on 1,00,000 members , but not on 127 crore people. As I suggested earlier artcles, 'As every one having one Aadhar card, One Voter Card, One PAN Card, msut have only One Bank account and only one Cell phone Number , with the prtable fecility' , to collect more taxes from the rich people as well as to collect the Corrupted Black money people, s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ince they can not escape. And hence, the Govt must consider to increase the I.T exemption limit from ₹ 2.50 lkh to ₹ 5.00 lakh. Low income people can not utlise 100% against chapter vi of IT Act and U/S 80C. So it can not give much benefit to them. Hence the Govt,must consider to avoid the burden and harshment of IT Retuns etc., up to ₹ 5.00 lakh.income to all the people common and simlify the calculations and Returns filing system for Individuals. -Krishna murthy Dated: 2-2-2017 - Scholarly articles for knowledge sharing authors experts professionals Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
