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Inviting innovative ideas and suggestions on tax policy and administration

Start Date :
Sep 18, 2015
Last Date :
Mar 01, 2016
00:00 AM IST (GMT +5.30 Hrs)
One of the key priorities of the Government is to provide a non-adversarial and a responsive tax administration with the main objective of creating an environment conducive for ...
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NAND KUMAR AJAD
10 years 6 months ago
, they are getting 1.5 lakh saving in VPF without any locking period. It is injustice with NPS holders; we have to invest money for locking period of minimum 3 years in mutual funds. Also, NPS holder is not getting any loans on their deductions. So, it is requested that either NPS is removed or some modification should be done. Some immediate action may be taken like loan facility, convert NPS as EEE system & employees deduction made under NPS should not be counted as saving.
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NAND KUMAR AJAD
10 years 6 months ago
On the other hand, old pension scheme (EEE scheme) employees are getting a fix return, loans, also if 15 years of service is completed they can withdraw partially. A major advantage observed in EPF, which is making difference between NPS & EPF and also govt. is getting in loss. If any employee has been completed 15 years of services and deducting VPF (max 1.5 lakh), he can withdraw very next day of getting salary. So, old pensioners are getting both benefits, they are getting 1.5 lakh saving...
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NAND KUMAR AJAD
10 years 6 months ago
5. NPS is not doing justice with us. Due to market fluctuation, rate of interest is very poor. Also, currently about 18000-80000 rupees are deducted as employees contribution per annum in NPS for Group- D to Group- A. In this year, my contribution towards NPS will be about 61000, it means I can save only 89000 more. Also, these 61000 is uncertain and at the maturity, I have to pay tax again because NPS comes under EET scheme...
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NAND KUMAR AJAD
10 years 6 months ago
Those who are having money is doing medical insurance, PPF, term insurance, extra PF deduction (VPF) and getting more relaxation on tax. But unfortunately, those who are getting same salary but due to more liabilities unable to save, has to pay more tax. What is the rule? Awesome, isn’t it? So, I request you please give 5-7 lakh flat relaxation and no any deduction/ saving benefits should be given. It will provide right of equality.
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NAND KUMAR AJAD
10 years 6 months ago
4. Flat standard deduction for 5-7 Lakhs may be given for this year and abolish all other deductions including EPF, NPS, PPF, VPF, Medical, Mutual funds, Home loans etc. So that right of equality is justified, otherwise currently equality is not maintained to all e.g. if anyone is having some money in hand for down payment, he used to buy home and started getting 1.5 lakh extra deduction on interest. And who are not having money and having liabilities, is not getting 1.5 lakh extra benefits...
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NAND KUMAR AJAD
10 years 6 months ago
2. Higher currency notes like Rs. 500 & 1000 may be stopped for better vigilance of black money, duplicate currency and it will promote for online transaction too.
3. Instead of I/ tax, one-time banking transaction tax may be implemented. It will be more effective if high valve currency note will be stopped, because it is very tough to keep high amount at home or somewhere else will be tough and all have to contact bank for keeping money.
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NAND KUMAR AJAD
10 years 6 months ago
So, at the last they will be forced to keep swapping machines. After this govt. may launch a mission for distributing swapping machine and opening of account like Jan-Dhan Yojna. The data is used only for describing the idea, govt. may have exact data and may calculate exact figure of profit & loss on I/tax account. Govt. may give rebate of service tax and VAT too till the implementation of GST in addition of 50% rebate for promoting this scheme.
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NAND KUMAR AJAD
10 years 6 months ago
etc. and the loss on I/tax will be managed by new taxpayers, those who were not paying I/tax till now. For this purpose, govt. is nothing to do more effort; already taxpayer will force them to put swapping machine at their office, shops. Because if few vendors will deny to keep swapping machine, person who are paying I/tax will go to those places where swapping machine is already kept & business of these non-taxpayer will be either shut down or reduced.
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NAND KUMAR AJAD
10 years 6 months ago
then everyone will get rebate for 1 lakh for income tax (i.e. saving of 10-30 thousands as I/tax). It means govt. will lose about 10000* 3.5 crore= 35000 crore rupees, let us assume govt. will earn 40000 crore less as income tax. But at the same time, all these money (about 7 lakh crore) will be credited in bank accounts of shopkeepers, vendors etc. and it will be traceable money which will helpful for economy as well as these shopkeepers, vendors will be forced to pay I/tax, sell tax,serviceTax
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NAND KUMAR AJAD
10 years 6 months ago
sir I have some ideas which can be done during next budget:
1. Govt. cannot force all citizen to follow the rule if all citizen is not accept the rule by own heart. But if mass population try to make effort it may be possible. So, if some discount/ rebate is given by IT department on online purchase, debit/ credit card purchase; let us say if everyone is purchased about 2 lakhs in a year through on line & by credit/debit card & if govt announce 50% relaxation...
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