Nikhil Nene
4 years 8 months ago
For the Income Tax Payers following tax breaks can be give,
1. An Average individual in the taxable income bracket of 10L spends ~ 50k to 1L on various GST's across products and services consumed over a financial Year. Unlike Business's individuals do not get any Tax breaks or adjustments of the GST paid and they end up paying INcome tax on the amount that was spent on paying taxes to the Govt. Adjust these GST paid up on various purchases and services against their Taxable income (upto a certain limit like 1-1.5L ). Major benefit of this would be that the people will start demanding GST receipts (as currenly it gets bypassed due to no added advantage to them and is looked up as a discount ) and bring in more accountable income of businesse's to light.
2. The Car that Business men own considered for depreciation in the value over years, Why dont individual tax payers get a similar break as they too own Cars and they too depreciate in value over years .
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