EVEN as Delhi shivers in cold wave, the North Block is probably warming on a teeming, beaming cup of joy, for tax collections are up by 40% and direct taxes at that. So have Indians become more prosperous, honest and law-abiding? Perhaps yes. There is also optimism among tax-payers that the FM will keep his promise of simplification of tax laws and easing of tax burden now that compliance has improved. Of course, corporates, their organized associations and professionals are probably ready with their wish list - respectably labeled ‘suggestions’. Despite the sporadic enhancement of threshold limits and progress towards a three-tier system on par with world economies there is still much to be done to make personal income tax sufficiently ‘personal’ rather than apathetic as it is viewed to be now. This write-up proceeds to propose a few changes aimed at easing the squeeze of individual assessees, more particularly the salaried class. For more...............
Check out the article with this link for Budget suggestions on Personal Income Tax front.
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