Taxation

By taking steps to simplify the tax laws, the government can make it easier for taxpayers to comply with the law, reduce the cost of compliance, and promote economic growth.

If Personal Income Tax (PIT) is done away with, not only more than 6 Crore people will have freedom from the burden of submitting the annual ITRs for which now the last date has further been extended from 31st December 2021 till 31st March 2022 but even the organizations complying with the TDS will also be free from the burden of collecting, remitting and submitting various returns if PIT is shelved.

The law is still a work in progress, and the process of evolution cannot be removed in such a complex trip. In the future, the government should continue to take steps to fulfil its promise of a "Good & Simple Tax."

Many banks interpret the term ‘total income’ concerning declaration in 15G/H, as any non-professional would and not as expected of them under the IT Act and due to lack of proper understanding, many times reject an otherwise in order Form 15G or 15H.

GST was a huge bargain when States gave up their rights to collect sales tax while the Centre gave up excise and service tax. Australia also shares the GST anniversary with us where the rates have been constant at 10%. Thus, a single rate in India can be a huge reform, and a matter of discussion too! But there is an urgent need for structural reforms in GST, in order to be a leading economy.

A response to those of the Left who point out apparent hypocrisy of religious people in demanding low taxes.

Recently announced E- invoicing or Electronic invoicing can be said as one of the efforts to curb tax evasion through digitization.

If Modi had only weighed political interest and winning election, he could have be tougher with corporate and generous in social welfare schemes. But Modi never believes and want politics in governance and for Modi India comes first.

If agri income is made completely tax free without any limit, it clearly means that the farmers are not the real beneficiaries of this tax exemption and there is a larger conspiracy for providing this exemption of unlimited amount, by making a provision for the same in the Income Tax Act.

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