What Middle Class AAM AADMI EXPECT FROM THE BUDGET 2013?
Lot of expectation are there for everyone in the forthcoming budget which is going to be presented by our Union Finance Minister on February 28,2013 which is going to effect all the tax payers as well as non-tax payers.
My expectation is that the middle class and aam aadmi must be given largers reliefs to tide over the never ending inflation. The Finance Minister must look at the pockets of few who can spar some thing or the other to help those who need the help most.
Why cant we debate and suggest who needs exemptions and incentives and who can spare their riches to help the needy?
The world over tax rate have been increased to the rich. In US income tax rate is increased from 35% to 39.6%.
In UK it is still higher. In France there is proposal to increase it up to 75%.But they have vibrant Social Security.
In US,Obama gave relief to middle class family up to $ 400000(Single) $ 450000(Couples)
So Can we expect P.Chidambaram raise the basic exemption limit to Rs.400000 and withdraw all exemptions like 80 C.80CC etc and leave the investment decisions to individuals and raise the tax rate to 40% to income above Rs.4000000 & 50% above Rs.10000000? Rich persons like Azim Premji & NR Narayan Murhy wants higher taxes to super rich.So why FM is reluctant?
Capital gains tax and dividend tax is still higher than in our country.
Why a developing country should tax lower than a developed country particularly from the super rich?
Why dividend is not taxed at the hands of reciever by withdrawing the dividend distribution tax?
Azim Premji gets tax free dividend of Rs.1345.1 Crore.
Mukesh Ambani gets tax free dividend of Rs.1240.7 crore.
Rahul Bajaj gets tax free dividend of Rs.917.4 crore and there are many rich industrialists while middle class salaried employee earns an interest on deposit above Rs.10000 has to pay the interest tax.
Whose interest our PM & FM are protecting.
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