Salary class-Awake up for Tax!!
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We are grateful to Finance Ministry that he has recognized that Salary employees is overburden than business people. As quoted by Honorable Finance Minister in the speech that in last year 1.89 crore salaried individuals paid Tax of Rs. 1.44 lakh crore which amounts to average tax per individual of Rs.76000 as compared to avg tax of Rs.25000 per business entity. He has granted standard deduction of INR 40,000 by removing transport allowance (INR 19200) & medical allowance (INR 15000) i.e. INR 5600 (INR 40,000 – 19200 – 15000)
Hence, net tax benefit is only INR 145 (5600 X 5%).
Further, there was increase in “health and education cess” by 1%. Hence, We would like to bring your attention that we are not benefited from standard deduction in real sense, infact we are worse off.
Further, on behalf of Salaried class, we would like to inform you that we not only contribute to direct tax contribution but also to indirect tax as ultimate consumer we pay GST on each necessity. Every stakeholder(including employees) contribute to success of corporate which helps you to tax those income.every year fin ministry came up with new cess with directly hit our pockets.
In budget 25% tax has been levied on business entities with turnover less than Rs.250 crs which is lower tax rate than salaried assessees whose income is more than 10 lakhs are paying presently at 30%.
Hence, it is humble request to enhance the standard deduction from INR 40,000 to INR 2,50,000 for benefit of larger economy ie..tax benefit of INR 12,500. (INR 1000 per month). Also, request you to increase the limit of exemption of all class from INR 2.5 lakhs to INR 5 lakhs.
Request you to sign the petition and forward it all your office employees to make it big social movement so that our PM / FM grants us relief from tax.
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