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
Viewed by 24
Abolishing Personal Income Tax is an excellent idea but will not be acceptable to any government. At least if they can reduce the slab values and abolish all complicated exemptions the total tax collection will rise many folds and life of tax payer will become much comfortable. more
Jul 28
I fully agree Congress has decided not to Allow this Govt to function in RS. Modi sir has stopped livelihood of many elite, media , so called artist ..... So all are united against him and also This Govt under leadership of Modi is doing well so it is threatening for other local party. They will unite for their Existence. Your MP and other leaders also speak unnecessary. They give chance to Media and opposition to create a issue. So Party should work on it. Developement, anty corrupt action, fast reform implementation and good law and order only can take you ahead. Strategy to get above will work. A clear massage to go to all that this govt is working for poor and transparent government and governance will work. After all every one has to go to public in 2019. Result will speak it self. You may loose like Bihar but now Bihari found that mistake has been committed, like Delhiet know mistake has been committed.. So working in interest of all area specially East, J&K , poor, Kishan and common law-and- order with corruption less Govt will work..... more
Jul 27
