Salaried people now pay income-tax on their gross income while businessmen, self-employed persons and others pay tax on their net income, even as the income-tax exemption limit is the same for everyone. This gross injustice needs to be removed.As per Income-Tax Act of 1961, income-tax is levied on net and not gross income. Salaried people were allowed to deduct expenses incidental to their employment viz conveyance, books and periodicals, newspapers, etc, from their gross salary since Indian income-tax Act 1922 u/s 7(2). Then,...
Monday, September 17, 2007
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