Direct Tax
However, it needs to be
borne in mind that minimum requirements for living must be fulfilled
after tax is paid by a citizen. For this purpose needs of a lower
middle class may be taken in to consideration. Government should
carry out survey and decide on minimum level of respectable living
of a citizen. Another important aspect is whether tax should be charged
on INCOME or on EXPENDITURE. Still another aspect is while giving
encouragements for tax saving benefits it should be ensured that
savings contribute towards development and progress.
-
Minimum requirements
are not limited to 'Roti', 'Kapada' and 'Makan', Education,
Entertainment, Sports, Travel/Tours etc. also have become minimum
necessities.
Probably for a family expenditure around Rs. three lakhs
per annum would be barely adequate to live with respectable life
style.
For a single person it may be around Rs. one lakh. There
is no necessity to consider divided or undivided family as is
in
vogue. Irrespective of religion, faith or caste rule should
be same. If an individual claims he alone is the family, the
expenditure
limit for him should be Rs. one lakh. If family members
are more than one, then income of all members should be totaled
up
and exemption limit of Rs. three lakhs be applied.
-
There should be a
simple procedure to estimate expenditure. It should be Income
minus Savings. Rules should clearly show what is income and what
are savings. In my opinion following criteria may be applied
for income and savings.
Income shall be any
earnings by an individual through his work, investments, inheritance,
receipt of gifts, loans and alike.
-
Salary should
include every receipt from the employer i.e. monthly salary,
monthly allowances, travel and daily allowances, bonus, gifts
and any other thing an employer provides to the employee.
- Profit from any kind of business.
- Cash receipts from TDR/FDR/RD/PPF/Bonds/NSC
and alike.
- Earnings from investment of any
kind. Receipt from sale of shares, dividend on shares, sale
of property and alike.
- Inherited property in any form.
- Gifts in any form.
- Loans taken for any purpose.
- Selling of property and shares.
- Any other means through a person
receives cash or in kind including shares.
Savings shall
be any investments made or expenditure to fulfil official commitments
of his/her profession.
This also shall include purchase of movable or immovable property
costing over say Rs. ten thousand. List of savings could be as
under:-
-
Expenditure towards
travel for official duties (to fulfil commitments of a person's
employment)
-
Tours and travels
individually costing over Rs. ten thousand for a family
or Rs. five thousand for a single person.
-
Deposits in TDR/FDR/RD/PPF/Bonds/NSC
and alike.
-
Investments in
property movable or immovable costing over Rs. ten
thousand for a family or Rs. five thousand for a single
person.
-
Value of property
movable or immovable costing over Rs. ten
thousand for a family or Rs. five thousand for a single
person inherited
and retained (Not sold/Transferred).
-
Gifts in any
form costing over Rs. ten
thousand for a family or Rs. five thousand for a single
person received
and retained (Not sold/Transferred).
- Repayment of loans capital part
only.
- Purchase of property and shares
in any form costing over Rs. ten
thousand for a family or Rs. five thousand for a single
person.
- Expenditure on medical
treatment exceeding Rs. ten thousand per annum.
- Expenditure on education
of any family member in any school/college/institute/private
class
exceeding Rs. five thousand per annum.
Income tax return
form should be a single page with annexure for each of the scheduled
items
of Income and Savings. There must be facility for cross linking.
This would be possible if PAN of both the parties are shown on the
supporting documents. For example if gift is given by a person A
to another
person B, PAN of persons A and B must be shown on the supporting
document. Procedure for allotting PAN should be simplified. Instead
of generating random numbers it could be say letters 'PAN' + postal
PIN code + date of birth in 'ddmmyyyy' format + time in 'hhmm' format.
For example if a person is born in postal district 411001 on 15-07-1980
at 16:30 hrs his/her Pan would be "PAN-411001-15071980-1630" Although,
the number appears to be too long it would not be difficult for the
person to remember. In fact this procedure could be used for allotting
numbers for personal identification, passport, ration card, bank
account, driving license and wherever needed.
If expenditure
worked out is over Rs. three lakhs for family and Rs. one lakh for
a single person
payable tax should be as under:-
- Ten percent of
expenditure above Rs. three lakhs and below Rs. five lakhs.
- Twenty percent of expenditure
above Rs. five lakhs and below Rs. ten lakhs.
- Thirty percent of expenditure
above Rs. ten lakhs and below Rs. Thirteen lakhs.
- Forty percent of expenditure
for those whose expenditure exceeds Rs. Thirteen lakhs.
Similar method may be applied for corporate
direct tax.
|
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PAN should be simplified. Instead of generating random numbers it
could be say letters 'PAN' + postal
PIN code + date of birth in 'ddmmyyyy' format + time in 'hhmm' format.
For example if a person is born in postal district 411001 on 15-07-1980
at 16:30 hrs his/her Pan would be "PAN-411001-15071980-1630" ÆüÖ
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