Income Tax Revolution 2015 (#ITR2015)


Make financial policies for 5 years. All income tax rates should be fixed for next 5 years.

Create tax payers computer database with their regular details to make taxation process simple.

Same income tax rates should be applicable to all Resident Individuals (Male, Female, Senior Citizen, Super Senior Citizen).

Increase 'Standard Deduction' (no tax limit) up to Rs. 5,00,000/-

Keep effective income tax rates up to 15% of total net income.

Remove all deductions and rebates.

Remove 'Surcharge', 'Education cess', and 'Secondary and higher education cess'.

Tax agriculture income as per income tax slabs.

Abolish special tax rates and laws for 'Capital Gains'.

Make long term capital gain on sell of shares, taxable.

Remove all legal options to avoid paying taxes.

Either abolish HUF or transform HUF into IUF.

Abolish Advance Tax


Please share your comments on Twitter @TaxClearDotCom

[ Blog: i Talk about Income Tax ]     [ About | Credit | Other Information ]     [ © 2015 all rights reserved ]