Neither would be actually needed if all the big, hi-profile corporates, politicians, builders etc. paid their income taxes honestly and regularly! Also, there is a large creed of various types of contractors and builders who take money from their customers in cash, which is all black money, if this were prevented,then they would be made liable to pay their taxes. And how can I forget the every one's most loved. Bollywood stars, who never pay their taxes? If all these types paid their dues honestly, then we commoners would not have to shell out much more than we really need to pay!
I prefer mild increase in taxes along with bringing more people into the tax net is better. Before doing so, government needs to ensure that all those who need to pay, pay their taxes without fail and no black money.
I agree with Kalyani on this. We the commoners pay our taxes on time and what happens when govt. owes a refund..it takes a long time to process the refund..not sure why. Then what is the use of making so many investment and helping the govt. in running financial institutions well. If the biggies pay their taxes I don't think the tax bracket needs to be modified year after year.