Sunday, September 20, 2020
Home Opinions Budget and income tax: What a common man wants from the government

Budget and income tax: What a common man wants from the government

Also Read


Some recommendation for the govt to keep in mind while making their upcoming budget.

  • Corruption, money laundering are more serious offences than non disclosure of income since in former, it is not your money but stolen, while non disclosure is evasion of tax on your own money. Hence non disclosures should be taken more considerately than corruption or laundering.
  • Bigger business and other dealings around 10 crore & above may be checked for other bank account nos , details etc.
  • Thousands of crores of rupees amount gathered by money laundering, corruption should be investigated more to increase revenues and actually that is the part of public money, exchequer & government revenue source.
  • Government long term tax free/saving bonds should be introduced With eligibility upto Rs 5 lakh Per person per year which will provide huge money for government high cost infra projects costs.
  • Make system of taxation simpler So that people won’t mind paying Little higher taxes since complicated systems create hesitation / apprehensions about the same.
  • Income from house property should not be considered as the actual income (just for owning other house) and shouldn’t be taxable unless it is rented.
  • KVP Postal saving shouldn’t be brought under scanner since they are retirement in come source for many in this high inflatioan country wherein stringent taxation would rather depreciate one’s holding.
  • NPAs and industry losses if reduced can be a big income source for country.
  • PF and retirement schemes shouldn’t be taxed for the same reasons as above about high inflation in our country.
  • More stress on NPS can collect huge funds & can control inflation in the country.
  • Interest rates on investments should not be reduced much since it is a source of income for many and India doesn’t have any social security system.
  • KYC etc should not be asked for every property . For high value ( say above 50-100 crores) properties can be investigated by govt agencies based on their various information sources and KYC may be asked for such properties.
  • More concentration should be done on corruption money,NPAs of banks,non performance of industries, companies.
  • Banks are making huge losses & need at least 40-50% privatisation to stop,reduce Bad debts ,since with private participation politically supported bad loans will come under control.
  • Bad loans to industries can also then come under review on national level & solution may evolve out of such national debate for industries to improve performance.
  • Public opinion may be made for that legislation can then follow.
  • With the help of NGOs accountability etc should be imbibed in masses so that corruption will be less,productivity will be more,losses ,NPAs will reduce.
  • Co operative and small ,medium scale sector should be promoted to generated more opportunities. The sectors should be under observation to ensure that they function properly and not like many co-operative Sector organisations
  • Rather than high cost luxurious infra projects, essential infra projects should get more attention.
  • All world policy of increased artificial demands after globalisation should be reduced.
  • Attention should be given to control prices of commodities and services.
  • Rather than over education provide education to match societies requirements including labour skilled/unskilled and people will not have to be imported from Bangladesh.
  • Efforts should be made to reduce imports, raise Rupee value (exchange rate).

  Support Us  

OpIndia is not rich like the mainstream media. Even a small contribution by you will help us keep running. Consider making a voluntary payment.

Trending now

Latest News

“UPSC Jihad”: A tale of ignominious judicial capriciousness

The Indian judiciary appears to lose all semblance of nuance so soon as the word, “minority” appears. This is yet another problem in the Hollow Republic of India — and I use that term after prodigious consideration.

Bappa Rawal – The legend untold

Bappa Rawal in a sense had broken the myth that Indian Kings could not unite against foreign invaders to protect the mother land. The fake narrative to divide and derecognize them has been in history books for too long

वो यात्रा जो सफलता से अधिक संघर्ष बयाँ करती है

आज भारत विश्व में अपनी नई पहचान के साथ आगे बढ़ रहा है। वो भारत जो कल तक गाँधी का भारत था जिसकी पहचान उसकी सहनशीलता थी, आज मोदी का भारत है जो खुद पहल करता नहीं, किसी को छेड़ता नहीं लेकिन अगर कोई उसे छेड़े तो छोड़ता भी नहीं।

One nation, one market 2020: Will the dream come true?

New policies of Modi govt for farmers is for their betterment. However, as always, the opposition just does not want the farmers to be better.

Lessons from Sweden

What happened after seventy years, which is making Europe moving for right wing and Nationalism again? Why is a country like Sweden today feeling the heat? What changed in past decade that made liberal society to change?

Mirror of self-discovery in pandemic

This year has been really horrific. Obnoxious amount of sadness, sickness and death. Nature forced us to confront ourselves in a lot many ways. But hope prevails. The waves of faith keep crashing the beach.

Recently Popular

5 Cases where True Indology exposed Audrey Truschke

Her claims have been busted, but she continues to peddle her agenda

Mughals are NOT Indians

In this article we analyse whether Mughals were Indians or invaders who stayed because of the vast wealth and resources and also the power it gave them in the Islamic world.

Daredevil of Indian Army: Para SF Major Mohit Sharma’s who became Iftikaar Bhatt to kill terrorists

Such brave souls of Bharat Mata who knows every minute of their life may become the last minute.

Digital service delivery will bolster an Atmanirbhar Bharat

A clear vision of the Digital India program has stimulated the efficiency of digital service delivery by ensuring development at the grassroots level via the formulation of 796 digital villages and more than 3.6 lakh functional common services centers offering digital access points for the delivery of essential public utility services

पोषण अभियान: सही पोषण – देश रोशन

भारत सरकार द्वारा कुपोषण को दूर करने के लिए जीवनचक्र एप्रोच अपनाकर चरणबद्ध ढंग से पोषण अभियान चलाया जा रहा है, भारत...