I.T debate

I got this mail this evening in all its colourful glory. At first I thought it was a propaganda started by the machinery that always works in top gear whenever the Govt. that be, faces the wrath of a large section of the masses for its careless and insensitive policies. Having had that impression I read through the mail in full. Pretty scary I felt…I must admit…I read through the mail as a salaried employee of an organization and not as a person grappling with the machinery to find his feet as a self employed businessman.

I must say I felt, the benefits accrued through waivers and exceptions would disappear in one stroke if the policies were implemented. This was my first impression. I do not have any access to people well versed with the policies and IT act of 1961 to guide me through the implications of the mail, however I have set the ball rolling…the mail as instructed shall be forwarded to people in the know….so that I may be briefed appropriately.

I am also posting the mail here for the others to read….please leave your comments to the mail ID’s listed below and also enlighten me on the ramifications if time permits you, dear reader.

Having read through the mail I also googled to see if this is another one of the Hoaxes in circulation. Luckily or unluckily, as some may call it, I didn’t find anything on the web to list it as a hoax…in turn I found the complete list of tax exemptions in the website mentioned in the mail.

Pass the word around and let your voice be heard… Listed below is the copy of the email I received in original

Quote

Hi All,

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: jstpl1@nic.in or

Ms. Monica Bhatia, Director, TPL-I, Room No. 147-D, North Block, New Delhi.
e-mail: dirtpl1@nic.in  or

Ms. Pragya S. Saxena, Director, TPL-II, Room No. 147-E, North Block, New Delhi.
e-mail: dirtpl2@nic.in

 
IT is also displayed in the running messages in the Incometax department of india website  http://incometaxindia.gov.in ..
 
Your comments are very importent.
 
Please forward it to all u know…..

Remember guys its time to make difference, So please dont forget to email your comments and to Forward this email to as many people (Friends, colleagues, relatives).
The more the NO’s , the lesser the chance of discarding these exisiting policies..

 
 
GUYS PLEASE PLEASE DO NOT IGNORE THIS MAIL, THIS IS QUESTION OF OUR HARD URNED MONEY!

Unquote

For more information on the above you may also read the forum opened on The Economic Times – ET Blogs and join the debate here

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