I want to suggest some changes in budget which will increase the kitty of government and will also increase the tax payers also. These are simple suggestions. If followed, it will multiply the tax revenue.
1. Remove HUF Status. Keep only one status i.e individual. As per my thinking, it is giving double benefit to tax payers. They save tax on individual status as well as on HUF status. I have seen most of the families who are very rich maintain HUF and individual status of all the males in the family. By removing it, country will receive a lot of tax from them. So I would suggest to remove HUF status from this year itself. It will increae the tax kitty of goverment as most of the tax payers who are having double status i.e. individual as well as HUF and are enjoyinh double income benefits will start paying actual tax amount.
2. I also suggest to remove all the family trust because in the name of family trusts, people save lot of taxes.
3. Deduct 10% TDS on all fixed deposists irrespective of amount. Do not allow people to fill form 15(G)/15(H) rather ask the people to claim refund from Income Tax department. It will increase the tax payers number and I have seen most of the people who are having fixed deposits don't survive only on interest income. They have other incomes as well. If interest is their only income then they should file an IT return.
4. Remove the CESS on taxes. Instead increase the percentage of tax.
5. Increase taxes on luxuries i.e. air travles, taxes on three star and five star hotels and restaurants, premium rail tickets particularly SECOND A.C. and FIRST A.C.
6. Increase taxes on all type of cars. Not only luxury or premium cars but also on all type of small cars.
7. Immediate sell of IPO alloted shares should be taxed directly at the rate of 10% to 15% and it should be deducted directly at the time of sell. If premium is earned on that and if the income of individual is less than the taxable income then let them file a return and ask for refund. It will increase the TAX kitty and number of tax payers.
8. Tickets sold at box office of multiplexes should be taxed at the rate Rs.5 per ticket in addition to other taxes. Moreover ask the theatre owners to deposit that tax amount immediately because mostly upper middle class people and rich people visit the multiplexes.
Budget is around the corner and I as a common man of this country has lot of hopes from this budget. I wish government think or work atleast once on these ideas or suggestions and give some sort of relief to the middle class of this country. Let's keep our fingers crossed and hope for the best.
1. Remove HUF Status. Keep only one status i.e individual. As per my thinking, it is giving double benefit to tax payers. They save tax on individual status as well as on HUF status. I have seen most of the families who are very rich maintain HUF and individual status of all the males in the family. By removing it, country will receive a lot of tax from them. So I would suggest to remove HUF status from this year itself. It will increae the tax kitty of goverment as most of the tax payers who are having double status i.e. individual as well as HUF and are enjoyinh double income benefits will start paying actual tax amount.
2. I also suggest to remove all the family trust because in the name of family trusts, people save lot of taxes.
3. Deduct 10% TDS on all fixed deposists irrespective of amount. Do not allow people to fill form 15(G)/15(H) rather ask the people to claim refund from Income Tax department. It will increase the tax payers number and I have seen most of the people who are having fixed deposits don't survive only on interest income. They have other incomes as well. If interest is their only income then they should file an IT return.
4. Remove the CESS on taxes. Instead increase the percentage of tax.
5. Increase taxes on luxuries i.e. air travles, taxes on three star and five star hotels and restaurants, premium rail tickets particularly SECOND A.C. and FIRST A.C.
6. Increase taxes on all type of cars. Not only luxury or premium cars but also on all type of small cars.
7. Immediate sell of IPO alloted shares should be taxed directly at the rate of 10% to 15% and it should be deducted directly at the time of sell. If premium is earned on that and if the income of individual is less than the taxable income then let them file a return and ask for refund. It will increase the TAX kitty and number of tax payers.
8. Tickets sold at box office of multiplexes should be taxed at the rate Rs.5 per ticket in addition to other taxes. Moreover ask the theatre owners to deposit that tax amount immediately because mostly upper middle class people and rich people visit the multiplexes.
Budget is around the corner and I as a common man of this country has lot of hopes from this budget. I wish government think or work atleast once on these ideas or suggestions and give some sort of relief to the middle class of this country. Let's keep our fingers crossed and hope for the best.
