An open letter to Finance Minister is requesting amendment to personal Income tax Act to allow family to file a joint return, thus reducing number of unneccessory returns. All the advantages are outlined in the letter. This letter is posted at www.PetitionOnLine.com/IT01POL4/ You can sign the petition on line and that way support the requested amendment.
PLEASE SIGN THE PETITION.
letter to FM:
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To: Shri Pranab Mukherjee, Finance Minister, India
Subject: Amendment to Personal Income Tax Act to allow filing of Single Family (Joint) Return
Dear Mr. Pranab Mukherjee,
At present, in a family each earning member and HUF have to file a separate return. For this each individual has to maintain a separate bank account and also has to maintain separate books of account.
If a single family return is permissible, it will greatly reduce work for following:
a) A family electing to file a joint return will maintain single joint bank account, maintain single books of account and file a single I.T. return instead of one for each earning member of the family.
b) The work of Income Tax office will be greatly reduce as fewer returns would have to be scrutinized, fewer demand notes / refunds would have to be generated and fewer assessment orders to be sent. There will be huge saving on stationary cost too, which will help reduction in carbon foot print.
c) The banks would have to serve fewer accounts, so that work and stationary would be saved.
In view of above, sir, I request you, on behalf of all the attached signatories, to amend the I.T. Act suitably and also consider a small incentive for filing a Family return in view of saving listed above.
I am sure you are aware that in many countries filing of a Family (joint) return is allowed.
Citizen of India are looking forward to a novel, imaginative, proactive new budget from a learned and experience finance minister like you, which will simplify and encourage citizen of India to file their Tax Returns and make their contribution in nation building.
Various Scenarios are outlined below:
One may continue using current method of filing a tax return and have separate bank accounts and separate books of accounts but if they choose….
• All individuals 18 years and above in a family, can combine their income on one return.
• Operate their finances through one bank account.
• Maintain account of all the family transactions in one book.
How family tax structure may look like?
In case of husband and wife filing a joint tax return:
• Basic exemption is Rs 150000 for a male and Rs 180000 for a woman. The basic exemption for filing joint return for husband and wife would be 330000.00 or more
• Exemption under chapter VI A section 80 C would be two times the allowed amount for individual so it would be Rs 200,000.00 or more
• Tax Table will also be updated accordingly.
• Other exemptions would also be updated accordingly.
The benefits for family can be summarized as follow:
A family where husband and wife both are working:
• They could have single bank account if they prefer.
• They can file a joint tax return and get single refund check
• Amount of tax they pay could be lower but never higher than if they file separate returns.
• When they file a joint return, government will have less total number of text return to handle with same amount of income being reported otherwise. So less number of tax return will reflect same amount of income when compared with separate tax returns filed by each individual.
A family where either husband or wife is working:
• They can file a joint tax return and reduce their tax burden greatly.
• They could have single bank account if they prefer.
• Nonworking spouse (home maker) gets tax benefits.
Retired Seniors filing a joint return:
• They could have single bank account if they prefer.
• They can file a joint tax return and get single refund check
• Amount of tax they pay could be lower but never higher then if they file a separate return.
• When they file a joint return government will have less total number of text return to handle with same amount of income being reported otherwise. So less number of tax return will reflect same amount of income when compared with separate return filed by each individual.
Thank you for your services to India and its fellow citizens.
Sincerely,
PLEASE SIGN THE PETITION.
letter to FM:
----------------------------------------------
To: Shri Pranab Mukherjee, Finance Minister, India
Subject: Amendment to Personal Income Tax Act to allow filing of Single Family (Joint) Return
Dear Mr. Pranab Mukherjee,
At present, in a family each earning member and HUF have to file a separate return. For this each individual has to maintain a separate bank account and also has to maintain separate books of account.
If a single family return is permissible, it will greatly reduce work for following:
a) A family electing to file a joint return will maintain single joint bank account, maintain single books of account and file a single I.T. return instead of one for each earning member of the family.
b) The work of Income Tax office will be greatly reduce as fewer returns would have to be scrutinized, fewer demand notes / refunds would have to be generated and fewer assessment orders to be sent. There will be huge saving on stationary cost too, which will help reduction in carbon foot print.
c) The banks would have to serve fewer accounts, so that work and stationary would be saved.
In view of above, sir, I request you, on behalf of all the attached signatories, to amend the I.T. Act suitably and also consider a small incentive for filing a Family return in view of saving listed above.
I am sure you are aware that in many countries filing of a Family (joint) return is allowed.
Citizen of India are looking forward to a novel, imaginative, proactive new budget from a learned and experience finance minister like you, which will simplify and encourage citizen of India to file their Tax Returns and make their contribution in nation building.
Various Scenarios are outlined below:
One may continue using current method of filing a tax return and have separate bank accounts and separate books of accounts but if they choose….
• All individuals 18 years and above in a family, can combine their income on one return.
• Operate their finances through one bank account.
• Maintain account of all the family transactions in one book.
How family tax structure may look like?
In case of husband and wife filing a joint tax return:
• Basic exemption is Rs 150000 for a male and Rs 180000 for a woman. The basic exemption for filing joint return for husband and wife would be 330000.00 or more
• Exemption under chapter VI A section 80 C would be two times the allowed amount for individual so it would be Rs 200,000.00 or more
• Tax Table will also be updated accordingly.
• Other exemptions would also be updated accordingly.
The benefits for family can be summarized as follow:
A family where husband and wife both are working:
• They could have single bank account if they prefer.
• They can file a joint tax return and get single refund check
• Amount of tax they pay could be lower but never higher than if they file separate returns.
• When they file a joint return, government will have less total number of text return to handle with same amount of income being reported otherwise. So less number of tax return will reflect same amount of income when compared with separate tax returns filed by each individual.
A family where either husband or wife is working:
• They can file a joint tax return and reduce their tax burden greatly.
• They could have single bank account if they prefer.
• Nonworking spouse (home maker) gets tax benefits.
Retired Seniors filing a joint return:
• They could have single bank account if they prefer.
• They can file a joint tax return and get single refund check
• Amount of tax they pay could be lower but never higher then if they file a separate return.
• When they file a joint return government will have less total number of text return to handle with same amount of income being reported otherwise. So less number of tax return will reflect same amount of income when compared with separate return filed by each individual.
Thank you for your services to India and its fellow citizens.
Sincerely,
