Taxing Taxes — Are they gruesome Axes?
Sometime back, we were discussing about effects of inflation over here. Towards combating such menace and to ensure that we save something peanuts for the rainy day, if we try to cut our daily expenses and putting in some nationalized banks, there seems to be a few other horror devils waiting to smile at you with sinister face.
I just compiled from a few persons on the various clauses that are present in IT Tax Returns Forms. This topic had been in my Todolist for a while. It took me a while to publish this post, since I had to meet a few chartered accountants too to understand the various clauses in a typical Income Tax Return form for salaried class.
1) Interest on deposits is again taxable. Shouldn’t the Finance Ministry of Government of India learn to be more rational and compassionate to the hard-working salaried class. If they really want to be hard on money launderers, they should start from the top-up rather than splattering their efforts on the salaried class, who are already subjected to a heavy Tax Deducted at Source and whatever little money they are trying to save, there seems to be a booty spree for that too on the pretext of ‘Income from Other Sources’.
2) Adding fuel to the fire, some of the base-minded coworkers eye at your funds with envy and vye for a free-ride like treats and satisfying of their bestial instincts at the value of your hard-earned money.
Really, really the need for the hour is that government should learn to be more compassionate to the poor middle class, who are already suffering the heavy yoke burden of inflation and rising prices of commodities all around.