The government is considering the opinion that the Income tax returns should be filed only if the income exceeds 3 lacks per annum. If this is given a clearance, there would a sigh of relief to many middle class people who have been suffering with the high inflation and low salaries and yet made to pay the income tax.
Well, the IT relief has been only of little help because government has only hiked the amount to 2 lacs from 1.8 lacs which saves just about 2 thousand rupees of taxes annually! It doesn't even compensate the expenses which we will have to bear after the 2% increase in service taxes. I think the taxation policy must be reviewed as barely increasing taxes and minimally reducing the tax slab doesn't do any good to the people. Please share your views on this!
