It is heard that Congress government is planning to scrap tax exemptions on various policies like LIC, NSC, HRA, Mutual Funds & Other section 80C benefits (Exemptions Upto 1 lakh).
What does that mean:
– You cannot get tax exemtions on your HRA, i.e. No business of showing House rent agreement & receipts. You will be taxed on the whole HRA.
– You cannot claim tax exemptions by showing LIC Polocies or by having NSC Bonds.
– You wouldnt’ be able to get tax exemtions on Housing loans.
– No Tax benefits on Mutual/Infrastructure bonds.
What does government wants:
Government is targeting the salaried people and is making sure that no tax exemptions can be availed and thereby collecting as much tax as possible from our salaries.
What does government wants us to do:
This is in discussion and government wants people to provide their feedback on these future decisions and will thereby decide by the number of feedbacks received.
** Your feedback is important and will decide how much of our Hard earned money is going to government. **
Please write a short email any one of these guys stating whether you want goverment to continue or discard these exsisting policies by 5th July 2006.
Ms. Anita Kapur, Joint Secretary, TPL-I, Room No. 147-B/I, North Block, New Delhi.
e-mail: firstname.lastname@example.org or
Ms. Monica Bhatia, Director, TPL-I, Room No. 147-D, North Block, New Delhi.
e-mail: email@example.com or
Ms. Pragya S. Saxena, Director, TPL-II, Room No. 147-E, North Block, New Delhi.
IT is also displayed in the running messages in the Incometax department of india website http://incometaxindia.gov.in … – I saw it at the top in form of marquee
(dead link – http://www.incometaxindia.gov.in/archive/ListofexemptionsunderI.T.Act1961.doc) http://www.incometaxindia.gov.in/archive/ListofexemptionsunderI.T.Act1961.doc
Your comments are very importent.
Please forward it to all u know…..
Remember its time to make a difference!