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what are your expectations and wishes?

Sunshine (Helping All) (10575 Points)

17 February 2011

tell what do u expect and what exactly are you all hoping for this budget season???

express your wishes.....

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10 Replies

v@m$h! (CA - Final and CS - Final) (1473 Points)
Replied 17 February 2011

I think tax slabs will be increased and they will be so many benefits made to individuals and companies so the governement can set off the scams with the benefits.

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BALASUBRAMANYA B N (CCI STUDENT....) (44682 Points)
Replied 17 February 2011

History of Indian Budget

First Finance Minister: Shanmugham Chetty

Number of Finance Minister Since Independence: 28

Maximum Number of Budgets Presented by: Morarji Desai

Economic Liberalization Started by: Mr. Manmohan Singh ( Finance Minister 1991)\

Current finance minister : Mr. Pranab Mukherjee

BALASUBRAMANYA B N (CCI STUDENT....) (44682 Points)
Replied 17 February 2011

INCRESE IN SLAB RATES....

INCREASE IN U/S 80C-80D

DECREASE IN PETROL...

AGRICULTURAL SECTOR...

MOBILES GET MORE CHEAPER...

THINK OF ONION

WILL ASK UPA CABINATE TO RESERVE FOR 2020 FINANCE MINISTER SEAT FOR OUR NEXT ..

CCI STAR .....

SSS...

HEHEHEHHEHE

Bobby (service) (54 Points)
Replied 18 February 2011

Respected Sir

20 per cent and 30 per cent Tax on Income are not advisable, as higher income groups may consider it painful to pay high taxes and there are chances that they may opt to evade taxes in one way or the other.

Well, Income Tax may be considered to be charged at a single flat rate of 10 per cent on total Gross Income as TDS just like a Service Tax only, the minimum.

However, this 10 per cent Income Tax amount on total gross income may be borne by Employer and Employee in the following ratio and amount:

Gross Income	10 % Tax in Rupees (Single Slab 10%)	Ratio Employer : Employee	Tax in Rupees Borne by Employer : Employee
upto 50,000	May be Exempted	For People below poverty Line (PBL)
Upto 1,00,000	10,000	Borne by Employer	10,000 : 0
Upto 2,00,000	20,000	9 : 1	18,000 : 2,000
Upto 3,00,000	30,000	8 : 2	24,000 : 6,000
Upto 4,00,000	40,000	7 : 3	28,000 : 12,000
Upto 5,00,000	50,000	6 : 4	30,000 : 20,000
Upto 6,00,000	60,000	5 : 5	30,000 : 30,000
Upto 7,00,000	70,000	4 : 6	28,000 : 42,000
Upto 8,00,000	80,000	3 : 7	24,000 : 56,000
Upto 9,00,000	90,000	2 : 8	18,000 : 72,000
Upto 10,00,000	1,00,000	1 : 9	10,000 : 90,000
More than 10,00,000		Borne By Employee	Full by Employee

The implementation of the above System of bearing the tax burden both by the Employer and Employees may be considered as an effective tool for reducing the tax liability on employees (individuals) and reduces the chances of evasion of Tax by Employers, as sometimes, employers show inflated/bogus/more salaries in their accounts to reflect less income or profits.

Moreover, Government may consider reduced/lower single slab Income Tax rates i.e. 2 per cent, 4 per cent, 6 per cent and 8 per cent on Total Gross Income upto 50,000, 1,00,000, 1,50,000, 2,00,000 respectively, in the form of TDS for lower income groups, which is to be wholly borne by the Employer, instead of Employee.

However, people below the poverty line may be given exemption of this 10 per cent Tax.

Incomes of All small firms, different businessmen, wholesalers, retailers, Actors, Musicians, etc. may be considered to be charged at a single flat rate of 10 per cent either it is 25 lacs or 50 lacs or more.

Spiritual organizations, Charitable Institutions, Clubs, Welfare Organizations etc. may be considered to be liable to Pay Tax at a single flat rate of 10 per cent on all incomes/donations/receipts.

Incomes from 1. Interest 2. Dividends 3. Short / Long Capital Gain 4. House Property may be considered to be charged at a single flat rate of 10 per cent as TDS just like a Service Tax. However, people below the poverty line may be given exemption of this 10 per cent Tax.

Initially, Income Tax of single flat rate of 10 per cent on total Gross Income as TDS may be considered to be applicable for employees of Government, Public Sector Undertakings and Public Limited Companies. Its scope may be further extended to Private Limited Companies, then small firms, then different businessmen, then wholesalers, then retailers and so on.

Wealth Tax may be considered to be abolished.

STT may be considered to be allowed to be continued and may not be considered to abolish the same.

One new Tax on trading of Shares in the Stock Market may be introduced i.e. 0.001% on delivery and 0.0001% intra-day, which will go into the pockets of individual companies, whose shares have been transacted or traded, proportionately according to their volume of transactions. It is a pity that thousand crores of shares are trasacted every year, and the respective individual company gets not even a single paise, on whose name, the shares are traded purchased or sold.

When all the incomes are charged at a single flat rate of 10 per cent, then ultimately, the revenue from Income Tax shall definitely be manifold. Then there are chances of less Tax evasion, less burden of filing returns.

All investments and purchases should be free from any compulsion in liberalized economy and as such, all Tax Saving Investment Schemes may be considered to be abolished. People should decide its own priorities for purchases and investments with 90 per cent amount available at its disposal - after paying 10 per cent Income Tax. Then People shall have the option either to invest the savings or purchase some more items/things out of the savings. In both the cases, the Government will earn revenue either in the form of Tax on interests/Dividends or Tax on Excise/Sales Tax.

The implementation of this single flat rate of 10 per cent Tax on Total Gross Income may be considered to be an effective tool for overcoming recession and will definitively increase production, employment opportunities and investments, in addition to reduction of black-money, un-accounted income and tax evasion.

Please acknowledge receipt.

With regards

Bobby

BALASUBRAMANYA B N (CCI STUDENT....) (44682 Points)
Replied 18 February 2011

Your opinion on 2011-12 BUDGET ?

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Deeejey (May'11: The Final Assault in making of CA) (201 Points)
Replied 18 February 2011

Budget 2011

most of the benefits and concession will be given to rich people( High Salaried people, Industrialist, etc) Farmers, poors will be ignored and It wil called as "A COMMON MAN BUDGET" and to support this Punch Line GOI's own supporters will come in media like Manish tiwari, Manu singhvi, Kapil Sibbal (Supreme court vakil).

THERE WILL BE THREE REATIONS OF THE BUDGET:

1. Ruling Party Will Say It is Best Budget inthe History

2. Allies of Ruling party will raise concern and later on negotiate with some Ministries. (like mamta benergy will say induct his party memeber as minister)

3. Opposition will say this is Worst Budget we have so far.

Ultimately the Budget will be passed. In effect Common people will be sandwiched in this Tug of war and ultimately will not get what he is expecting. Deduction will be increased but new tax may be imposed. or minimum taxable limit will be increased later on Fuel prices will be incresed and Fuel prices has Cascading effect on ALL the commodities.

dj.

Suraj Kela (CS EXECUTIVE) (34 Points)
Replied 18 February 2011

please someone reach out my thought to the ministry of finance about the monthy maintainence we pay for our flat in a society be considered as a deduction while computing capital gains while selling the flat