Abolish Income Tax or Create Retirement/Benefit for Income Tax Payers in India
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A total of 2.9 crore individuals filed income tax returns for in the last year, but 1.62 crore of them did not pay any tax — leaving the number of taxpayers at just about 1.25 crore which is less to one per cent of the country's total population. Most of us Income Tax payers have started earning our income the hard way , without any grant , concession or help from the government. Neither do we or our children/parents get any other special benefits for us being taxpayers. Its an unnecessary burden only because it's an insignificant "votebank". The contribution of the taxes we pay is an insignificant amount of the total revnier the government earns. Even then, I request that the government at least extend some benefits to taxpayers if they cannot totally get rid of Income Tax. These benefits could be any one of the following:
1. Return the Tax deducted as pension or benefit to the family of the taxpayer in the event of untimely death of the taxpayer.
2. Return the Tax paid as a Retirement Benefit.
3.Give special concession in the form of Hospitalization benefits, School & College education for children etc.
4. Create a pool for Taxpayers as "unemployment income" for a defined period in case of job loss.
By doing the above, the government gets its share of taxes whilst still giving the taxpayers a cushion that they richly deserve.
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