Dear Prime Minister,
Sub: Income Tax exemption limit and delineation of creamy layers.
You will agree that an income which is considered barely sufficient to support a family but inadequate to allow one to reach out for better facilities and opportunities, must not be taxed. Income Tax should be levied only on incomes exceeding this figure.
A good indicator of such tax exemption point is the limit prescribed for determining the creamy layer among OBCs. Only those whose income exceeds this limit are considered to be adequately financially endowed to take care of their ward's education on their own.
You must be aware that the UP government recently raised this limit to Rupees Eight Lakhs per annum.
Thus it stands to reason that the exemption limit for Income Tax should also be raised to the same figure, that is, Rupees Eight Lakhs per annum. This figure indeed is an honest assessment of costs of living by none other than the political establishment itself.
If you foresee difficulties in immediately raising the exemption limit to this figure for the general population, we suggest that you do so for the senior citizens to start with. Senior citizens not only have to pay for many additional services because of their physical debility, they also tend to have much higher medical expenses. Many of them are not provided with any medical cover by their ex-employers.
We look forward to your sympathetic consideration in the next budget.
Yours faithfully
Senior Citizens of India
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