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What is the tax structure and benefits for salaried person?

Income tax new structure in India?

  • Our nation is not a developed/developing nation where all framed rules are followed by all equally.New tax code is to be made now by the parliament Why tax persons who have retired ?Why tax recovered from senior citizens? After age of 60 years if banks/railway/airline & all others consider as senior citizen why not by income tax department? More & more people are involved in various scams why we are forcing senior persons to pay tax? In fact they have contributed for nation part of their earnings for more than 20/30 or more years for which they require salutes not tax burden any more. There should be no tax for them & allow them to lead retired life tension free. After 60 years why person run and find some source like investments U/S 80,80c for whom ? Let person enjoy life tax free There are many new younger contributors for tax.Also indirectly person keeps on contributing "service tax " Time is right to think about reforms as inflation will not allow person to live and our PM/FM are helpless in this field. The question is how we must find solution ? NEW TAX structure NO tax up to income of Rs 2 lac 10% tax up to income of Rs 5 lac 20% tax up to income of Rs 10 lac 30% tax above 10 lac No difference for men/women and removal of senior citizen as there will be no tax for them however filing of tax return by all will continue. Exemptions u/s 80 up to Rs 2 lac for all to be framed. Tax saving for health insurance for parents of Rs 20000 to be made All above measures will yield required tax recoveries for our government.

  • Answer:

    I think you are right. I am totally agree with you only in case of senior citizens tax case. But the new tax slab is not beneficiary for government. Yes i know that there are so many taxpayers who do not pay tax according to their income but that is the fault of income tax department. Government has given you so may options to save your tax. you can use that and save your tax. If you want you can go through http://business.mapsofindia.com/india-tax/deduction.html

anil j at Yahoo! Answers Visit the source

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Yes .I agree with you that 1. no tax should be levied on senior citizen of India who have completed 60 years of age. 2. no discrimination in tax between men and women .3 filing return by all.4 tax saving health insurance premium be increased to take care of parents based on the medical charges in vogue.5. exemption u/s 80 should be up to Rs.2 for all. In addition tax slab should be as follows; a)no tax up to income of Rs.3lakes b)15% tax up to income of Rs.10 lakes and 30% tax up to income of above Rs 10 lakes. This will do better because more services are covered in the net of service tax and hence all individuals are paying more service tax.

DKS

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