Pension based on income tax submitted
Present scenario--
--Around 3 percent people pay income tax
---People have the money to purchase multiple houses and cars but their income tax paid remains negligible
--People involved in business hardly bother to pay income tax and nobody knows their turnover.
In order to attract more taxpayers,I suggest to provide pension to individuals after they retire based on the average of income tax submitted to the govt
Case1 -
Mr x pays 3 lac income tax annually for last 10 years before retirement age of 58 years
The total amount paid by him in the last 10 years is 30 lac Rs...This is his contribution to the nation and he is an honest tax payer.He should get a pension of 1/4 of his annual average tax.In this case its 75000 every year +inflation applied..
With this mechanism more people will start paying taxes.
Case 2--Mr Y pays a total tax of 50 lac in his entire life till retirement..
He had been a regular tax payer despite odd of his life.
After retirement,he needs to beg his children for small things.
It would be great if Govt provides pension to him directly related to the amount of tax he paid in his entire life.
This will bring some relief to the veterans and people will continue to pay taxes and Govt can utilize the money for the coutry... more
--Around 3 percent people pay income tax
---People have the money to purchase multiple houses and cars but their income tax paid remains negligible
--People involved in business hardly bother to pay income tax and nobody knows their turnover.
In order to attract more taxpayers,I suggest to provide pension to individuals after they retire based on the average of income tax submitted to the govt
Case1 -
Mr x pays 3 lac income tax annually for last 10 years before retirement age of 58 years
The total amount paid by him in the last 10 years is 30 lac Rs...This is his contribution to the nation and he is an honest tax payer.He should get a pension of 1/4 of his annual average tax.In this case its 75000 every year +inflation applied..
With this mechanism more people will start paying taxes.
Case 2--Mr Y pays a total tax of 50 lac in his entire life till retirement..
He had been a regular tax payer despite odd of his life.
After retirement,he needs to beg his children for small things.
It would be great if Govt provides pension to him directly related to the amount of tax he paid in his entire life.
This will bring some relief to the veterans and people will continue to pay taxes and Govt can utilize the money for the coutry... more
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One India One Tax. However there will be several taxes in the name of CESS or By some pther name, to rationalise the one India, One tax. more
May 22
I wonder tho' Adanis, Ambanis are the richest guys in India why their name no where appears as the highest Tax payers more
May 22
Just like one country one tax in case of CST similarly there should be one Tax to one Citizen. more
May 21
