Result of Lok Sabha general election 2024: Tax payers lost again

Why just restrict us to debate for reforms in agriculture, judicial and governance? Why not for income tax reforms? As a taxpayer, it should be least important for an individual -

• Who is going to win in this Lok Sabha or Indian general 2024 election
• A party wins 400 seats or not
• An alliance crosses the threshold to rule the country

The important things for the individual as a taxpayer should be -

• Expanding 80C to at least 2.5lakh – these investments are long term and it is a direct contribution of ours for the growth of the financial industries and the government funds for development. Restricting to 1.5 lakhs not only makes taxpayers think about switching to a new regime but also is a deadly move for industries like the insurance sector. Moreover, taxpayers won’t find any value in paying taxes which can result in tax evasion. The new tax regime anyway is government government-specific beneficial regime where all the money is going to the government directly and not to the financial sector companies.
• Long and short-term capital gains tax for stock market investments – share market investments are risky and 90% of people lose out on money. If an individual is taking a risk, then either that risk should be insured or else should not be taxed on the bet that an individual has taken.
• 100% deduction for paying rent under HRA exemption for tenants – tenants who are claiming the rent paid to the property owners are not getting a complete deduction while filing ITR. Certain components are there like living in a metropolitan city, rent paid annually reduced by 10% of salary based on which an individual gets the deduction in HRA. On the other hand, the property owners are paying full tax on the sum received as rent. So, it is a tax on the expense for the tenant and not on the income. Considering the high rent and security deposits in cities, not getting full deduction plays as an additional burden to the pocket.

Taxpayers are always heard less and of least consideration in making policies because of the low number of taxpayers in India. But I believe, just as casting a vote is your duty so is raising your opinion.