Drastically REDUCE Personal Income Tax. FLAT 10% income tax for income above 10 lakh.
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Drastically reduce personal Income tax.
FLAT 10% income tax for income above 10 lakh.
Why should only 3% of India's population pay tax ? The rest are on a tax holiday !! Agreed some are so poor that they really cannot afford but we lower middle class are also a highly troubled lot.
Any family , with 2 kids and earnings below 10 lakh is BADLY STRUGGLING. School fees for 2 kids is easily above one lakh, medical expenses(especially of elderly), utility bills....these hardly leave any money for retirement savings.
Every product we buy is taxed. MRP (Maximum Retail Price) is inclusive of all taxes. Be it groceries or garments, milk or electronics, even a match box.
All utility bills we pay like Mobile, Electricity, LPG include their own taxes and other charges and surcharges.
All medicines we buy are inclusive of tax.
Hotels tax us separately.
We even pay vehicle tax and road tolls ...............
WE ARE SHELLING OUT AND COVERING TAXES FOR ALL MANUFACTURERS AND SERVICE PROVIDERS.
Take a look at tax exemptions allowed.
Medical exemption is paltry 15000 per year. Sometimes this amount is required per month for elderly. Of course most insurances wont cover their treatments.
Transport allowance is Rs 1600 per month. This is sufficient in Mumbai only if you manage to clamber on that perilous local.
Child education allowance is 1200 per annum. Can you find any school in this amount? Don't want to start on quality of government schools.
Can one expect to live with dignity and save for retirement?
Can we at least earn basic income without tax SO THAT WE CAN LIVE TO PAY ALL OTHER TAXES.
Spare us and compensate by introducing new taxes on luxury products and services. We will choose wisely.
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