Income Tax

By taking steps to simplify the tax laws, the government can make it easier for taxpayers to comply with the law, reduce the cost of compliance, and promote economic growth.

According to Finance Minister Nirmala Sitharaman, the next budget will be 'carefully structured’ to sustain growth and contain inflation.

The concept of Expenditure Tax instead of Income Tax will be useful in the sense that a person should be charged for the expenditure he is able to make and not from one's income which if saved in Bank is already under tax bracket. A person capable of spending more should be taxed more.

If Personal Income Tax (PIT) is done away with, not only more than 6 Crore people will have freedom from the burden of submitting the annual ITRs for which now the last date has further been extended from 31st December 2021 till 31st March 2022 but even the organizations complying with the TDS will also be free from the burden of collecting, remitting and submitting various returns if PIT is shelved.

The only remarkable change in the current Budget is towards personal income tax structure which includes inclusion of new provision of one-time window to correct omissions and mistakes made while filing Income Tax Returns (ITRs).

Many banks interpret the term ‘total income’ concerning declaration in 15G/H, as any non-professional would and not as expected of them under the IT Act and due to lack of proper understanding, many times reject an otherwise in order Form 15G or 15H.

ये सत्य है की भारतियों में बचत करने की फितरत बचपन से ही रहती है लेकिन बचत से ज्यादा अगर महंगाई हो जाये तो फिर ऐसा बचत किसी काम का नहीं रह जाता। पैसा हमेशा समय के साथ बढ़ना चाहिए और इसकी वृद्धि दर महंगाई के दर से अधिक होनी चाहिए।

It would be absurd to link the likely suicide of V G Siddhartha to the pressures he may have faced from the taxman although overreach by taxman is hinted by some like Congress party.

जब बजट प्रावधानों पर सदन के अंदर और सदन के बाहर सवा सौ करोड़ लोग खुश हो-होकर तालियां बजा रहे थे, उसी समय राहुल गाँधी और मल्लिकार्जुन खड़गे अचानक ही इस तरह मुंह बनाकर बैठे हुए थे, मानो उन पर कोई जबरदस्त "डिप्रेशन" का दौरा पड़ा हो.

This is what a common man wants along with a sound budget for India's betterment.