Allow people to pay tax based on individual income or family income. In other words, there should be 2 slabs for income tax payment. If there are just 2 members in a family and if both are earning, both may pay tax based on individual income which may be cheap to them . On other cases, if one member is earning and 5 family members are dependant on him, let him pay tax based on family income which can be cheaper to him. Based on number of dependants which can be verified based on number of persons staying together which can be verified by ration card. The tax rate may suitably be devised so that family tax can become cheaper than individual tax. Or depends. If 2 persons are earning with 5 family members. they may pay tax based on individual income or family income of both combined based on 5 members family. That may depend on slab code. In USA, there is concept of family based income tax also. Similar way can be adopted in India also. This will help big families where income earner is single. This may also help in maintaining joint family values. more
As per prevailing Income Tax Rules, every family member having individual sources of income is liable to pay income tax depending upon their individual income slabs and submit the return separately. Every adult member is treated as separate entity even though they are in a joint family. more
Since we are over populated Govt does not want to encourage this.During 60s there were concessions available to person for up to 2 kids in IT.i.e.1) if you are bachelor 2) if you are married 3) if you have one kid and 4) if you have 2 kids.Concessions were available depending on above. more
I was retired voluntarily on prerevised salary from PSU after it's closure by Govt. without any pension and medical facilities . I request FM/PM to consider Tax relief to sons/daughters who support parents like me.Local Circles may also take up this matter with Government. more
Most important is indexation on real estate/property is gone with this budget. Now if you bought a property in 2004 for 25 lacs and plan to sell the same now. earlier you would have got benefit of ...
1)India's inflation continues to be stable and moving towards 4 pc target; core inflation stands at 3.1 pc. 2)India's economic growth continues to shine. Global economy is still in the grip of...
Today's Economic Survey has spoken some very harsh truths. I'm not only talking about stock market speculation. It says 50% of Indian graduates are not employable 65% of peopl...
Yesterday a friend’s relative in Auranagabad died in the gym while exercising. Sudden death due to heart attack. (Attached video) LocalCircles i remember had raised this issue in D...
Indian banking system is a loot and print media is hand in gloves. They dont write about issues people face. Here is a first hand experience: Wanted my SBI savings acc statem...
Earlier pre Covid I remember LC Manager used to do budget surveys which would then be escalated to Finance Minister. Why has LocalCircles stopped this exercise? We as people should deman...
Excellent work LC Manager on escalating this call connection and drop issue. Most amazing thing is Govt let them increase tariff without any accountability.
Our print media has become totally spineless. Despite all the 3 telcos increasing mobile tariffs one by one within 2-3 days, none of our business or general papers were able to show some guts and q...
Here is What is wrong with this country -The PM meets youtubers, billionaires,cricketers but not the victims of various tragedies and scams. - People were seen carrying dead b...