Abolish Personal Income Tax to Shrink Black Money
It is a well known and established fact that the Root Cause of generation of Black Money is high rate of personal income tax. To avoid paying tax people carry out cash transactions. All efforts by Government to curb cash transactions have not been successful. As it is everyone is paying a very high amount of Indirect Taxes.
Just less than 3% of Indian population bears the total income tax burden of the country that will sum up to 3.5 Crore tax payers out of total population of 120 Crores. It must be noted that out of 3.5 Crore people, 89 % taxpayers are between the tax slab of 0-5 lakhs.
The advantages of abolishing personal income tax are:
1. Less Black Money would be generated.
2. The GDP figure will be more realistic as it will include the growth on account of cash economy which was not accounted earlier.
3. People will put their money in Banks and this money will be available for development of the country.
4. Number of income Tax Returns will be less by 3.5 Crores and reduction in use of paper will help environment.
5. A large number of Income Tax Officers will be free to do other productive work.
6. Number of Court Cases will go down.
7. The need to keep cash in foreign countries will not be there. more
Just less than 3% of Indian population bears the total income tax burden of the country that will sum up to 3.5 Crore tax payers out of total population of 120 Crores. It must be noted that out of 3.5 Crore people, 89 % taxpayers are between the tax slab of 0-5 lakhs.
The advantages of abolishing personal income tax are:
1. Less Black Money would be generated.
2. The GDP figure will be more realistic as it will include the growth on account of cash economy which was not accounted earlier.
3. People will put their money in Banks and this money will be available for development of the country.
4. Number of income Tax Returns will be less by 3.5 Crores and reduction in use of paper will help environment.
5. A large number of Income Tax Officers will be free to do other productive work.
6. Number of Court Cases will go down.
7. The need to keep cash in foreign countries will not be there. more
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Thank you sir, On Wed, Jul 27, 2016 at 7:01 PM, Lalit Kumar Sinha < support@localcirclesmail.com> wrote: > more
Aug 12
dear Shaji your postings are not clear the typing is going to some other aski code please recheck . I am with you and let us see how many joins us. I have copied and posted your talk once again. Shri Karmaliji,\r Once again what you have said is truth and nothing else but truth.Through this thread you have made it crystal clear what is root cause of all the issues raised here by the members-participants of the Local Circle. Apparently now next sensible step is to form a group of like mindied people.à¤
ब हम  दà¥à¤à¥ तॠसहॠयहाठà¤à¤¿à¤¸à¤®à¥à¤ हॠà¤à¤¿à¤¤à¤¨à¤¾ दम ?\r \r |  |\r | \r |\r | \r |\r \r \r \r \r \r \r On Sunday, July 31, 2016 6:51 PM, Naresh Karmali more
Aug 01
Shri Karmaliji, Once again what you have said is truth and nothing else but truth.Through this thread you have made it crystal clear what is root cause of all the issues raised here by the members-participants of the Local Circle. Apparently now next sensible step is to form a group of like mindied people.à¤
ब हम  दà¥à¤à¥ तॠसहॠयहाठà¤à¤¿à¤¸à¤®à¥à¤ हॠà¤à¤¿à¤¤à¤¨à¤¾ दम ? |  | | | | | On Sunday, July 31, 2016 6:51 PM, Naresh Karmali wrote: more
Aug 01
