Saturday, March 28, 2020
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Budget and income tax: What a common man wants from the government

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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).
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