Income Tax is a source of revenue for the government followed time
immemorial as 1/6th and so many measures of products. If you say all shall
pay I can agree; but abolishing income tax must have in parallel some other
resources as Petroleum wells etc. And highest revenue is yielded by
employees only as 80% of the population are employed. And for
self-preservation of Black money by politicians in THOTTAM TURAVU and votes
from poor agriculturists who are 56% of the population, AGRICULTURE IS
EXEMPT so majority escape from the net as employees income is also unknown.
IAS officers' wives have gri income and lemon farms in Tirunelveli dist
known to every one. Tax evasion of 80% starts and ends there. The richest
do escape from the net; by interviewing on TV few real poor agriculturists
that profession is shown as poverty and thus justify the exemptions. The
politicians knew the way to grab lands from the land lords in the names of
castes and self-respect. All Brahmin landlords were driven out for a small
fry when they had been at Delhi on employment; So many Palakads lost their
lands under the false-communism, who are today dancing with the golden
girls. North story was different. Hence agriculture took off <60% out of
books. Even today it is in the forms of Farm house, joint cultivations,
export lease etc and remains a contributing factor for politicians for
money in election and recycling for black suit cases. Also serve as a
burial ground of their sins. No one is above board but only variations.
Even if it is you and me , we cannot survive if we do not adapt.
Out of the balance licence raj allowed so many as top brass
industrialists and enrolled statewise; and 30% will pay taxes to parties
and some to govt if in the oppositions; there will not be any warrant
signed if belonging to politics,and ruling, Minorities and pet people under
them as the top brass ,even if morally good, had to refrain, if were to
continue and go up branching out; so bold civil services are only a dime a
dozen. As judgements change according to ruling strengths, (read judgements
before 5 state elections na after) so too, warrants are issued to hatreds
and small fries. Quantum counts but not quality. If anyone reacts There are
debts for civil servants even if he is dead honest to send him like a
tumbling cart. So you are left with just 10% for taxation. They are all
asking for abolition as you did. Out of the 10 only 3 are taxpayers; out of
this 90% are regular employees; if tax is abolished how can they do
anything with 0.30 % taxpayers for whom exemptions are being announced and
a big debt functions with FM and all.? After all none are able to fight
Narayanasamy; and how ill people line up in the street?; and even of all
line up how 3% will be able to oppose 97% self satisfied with exemptions,
caste facilities, NAMMALU etc?
SOLUTION SAMBHAVAMI YUGE YUGE and it has another so many
million years to go; but there is one solution:turn to a politician. That
is what top bureaucrats and judiciaries are doing to save their wealth
unearned (back door wealth) Or never it shall happen solution: LET EVERY
ONE PAY TAX. KR IRS 13 12 23
On Wed, 13 Dec 2023 at 07:38, Raghu <[email protected]> wrote:
> Why all this hassles for a senior citizens?
> I wish the government just abolished the income tax in all its forms for
> senior citizens. This would generate lot of goodwill.
>
> On Tue, 12 Dec 2023, 08:32 Rajaram Krishnamurthy, <[email protected]>
> wrote:
>
>> conditions for exemption under section 194P
>>
>> - Senior citizens should be of age 75 years or above.
>> - Senior citizens should be ‘Resident’ in the previous year.
>> - He has pension income and interest income only. Interest income
>> accrued/earned from the same specified bank in which he is receiving his
>> pension.
>> - The senior citizen will submit a declaration containing some
>> details (mentioned below) to the specified bank.
>> - The bank is a ‘specified bank’ as notified by the Central
>> Government. Such banks will be responsible for the TDS deduction of senior
>> citizens after considering the deductions under Chapter VI-A and rebate
>> under 87A.
>>
>> Once the specified bank, as mentioned above, deducts tax for senior
>> citizens above 75 years of age, there will be no requirement to furnish
>> income tax returns by senior citizens.
>> Filing of a declaration by a senior citizen
>>
>> The specified bank as mentioned above shall deduct TDS on the basis of a
>> declaration submitted by the senior citizen to the bank.
>> The declaration should contain the below-mentioned details :
>>
>> - Total income of the senior citizen
>> - Deductions availed under Section 80C to 80U
>> - Rebate available under section 87A
>> - Confirmation from the senior citizen of having only pension and
>> interest income
>>
>> How will the taxable income be calculated under the new section?
>>
>> A senior citizen must submit a declaration using Form No. 12BBA. Once the
>> older citizen has filed the declaration, the bank will compute the gross
>> total income (pension plus interest income). To calculate net taxable
>> income, the bank will also consider the deductions, tax exemptions, and
>> rebates available to elderly citizens under Section 87A. After deducting
>> deductions and rebates, the bank would now deduct TDS for older persons.
>>
>> The bank will request proof of deductions and tax exemptions that the
>> senior person is entitled to when filing the declaration. If they choose
>> the previous income tax regime, this will be required. If the older citizen
>> chooses the new income tax regime, no investment proof will be required.
>> Benefits to senior citizens under 194P
>>
>> Once the specified bank as mentioned above deducts TDS under section
>> 194P, the provisions of section 139 (return filing) will not apply to
>> senior citizens aged 75 years and above. This means that if the specified
>> bank deducts TDS under this section, then the senior citizen need not file
>> their ITR.
>>
>> KR IRS 12 12 23
>>
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