Abolish or Simplify Income Tax
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I am one among the several fellow country men & women who have been paying tax over last four decades. Like India moving to GST to simplify indirect taxes, it is time for making direct tax simple too. Today, we have several exemptions under different clauses, standard deductions, allowances which are exempted from tax, food coupons, canteen subsides, educational allowances, interest from banks, equity returns, etc. which get into assessment of taxable income. I have seen engineers, scientists, doctors, teachers, architects, craftsmen, government staff, agriculturists, etc. who are the prime pillars in "Make In India" spending considerable time and effort in keeping records such as "Leave Travel Concession Bills" when they are supposed to be happy with near and dears; Fuel Bills photo copied which otherwise fade away over time; taking bank statements for interest accrued; PPF / LIC premiums paid; Collecting House rent bills which at times owners may not provide or under bill; etc.How to liberate these builders of our nation from such hassle of being a simply bill collectors?
Is it not appropriate to request our finance and HRD ministry to make life simpler for fellow Indians so that quality time is spent on creating & innovating in the work place rather than discussions on how to reduce tax burden by applying bank loans, etc.
Given an option, I may suggest Income tax calculated on the basis of gross income and no more question thereafter. A systematic procedure can be laid to arrive at gross income keeping incentives for nation building measures like indigenous development and deployment of S&T; returns from Infra projects including house building; funding for girl child education and higher education, etc.
Hope to see a bright and happy new generations of India to take our nation lead the world.
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