"HERMIT:'Do you think that the
existing Income Tax System is helping India to earn more revenues?'
KING:'No! Not at all. Any Individual who earns more than 1 lakh INR
per annum has to pay Income Tax. Under 80C, cap of investment to be
reduced to Rs. 50,000/- only. No Tax exemption for any type of
Donations, Education Loans & Housing Loans. For Income of 1 lakh
INR to 2 lakhs INR, charge 5% on Taxable Income and then for each
increment of 1 lakh INR from this point, charging percentage will
increase by 5% in each step. After 10 lakhs INR Income, the charging
percentage to be fixed at 50% of the Taxable Income.'"-Arindam
Sain
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