The Income Tax Paradox
1) The Income tax act does not define the term income. It just lists items to be included in the taxable incomes.
2) In India those that have to pay income tax on the basis of their income do not even file income tax returns. In our country there are simply millions of shops, establishments---bazaars with shops etc to the brim, each of whose income at the minimum is Rs 10 Lakhs per annum.In fact many have incomes exceeding crores of rupees. Very few pay income tax. There are also people in various professions, whose income is very high and who do not pay tax.
3) Those that are forced to pay income tax really do not have income, at least in the case of one vital item—interest. In the case of fixed deposits in banks the rate of interest is not even 1/3rd of the rate of inflation at the retail end which is not taken into account while calculating inflation. Inflation is calculated misleadingly on the basis of the wholesale prices. The so called interest on fixed deposits is a fake income. The capital value of the fixed deposits is getting wiped out in real value terms as the price of land is sky rocketing continuously, reducing the value of money and along with money the fixed deposits as they are tied to an unchanging numerical figure. To force the inclusion of this fake income into the taxable income, an elaborate system of 26AS, forms 15G, 15H etc have been constituted expending a lot of stationery, involving enormous work---all to levy income tax on non-income!
4) TAKING FIXED DEPOSITS IN BANKS IS THUS ACTIVELY DISCOURAGED.
5) The tax evading segment in the black money economy is contributing to terrible uncontrollable inflation. The rate of interest—tax free interest, in the black money is round 100%.The employees are paid small amounts while being forced to sign for very big amounts
6) IT IS BASIC JUSTICE TO EXCLUDE INTEREST FROM THE LIST OF TAXABLE INCOMES AS IT IS NOT INCOME AT ALL.IT IS ALSO THE BASIC OBLIGATION OF THE GOVERNMENT TO SAVE THE REAL CAPITAL VALUE OF THE FIXED DEPOSITS.
7) THE REDUCTION IN THE TAX COLLECTION CAN EASILY BE COMPENSATED BY IMPOSING AN INCOME TAX CHARGE OF Rs2000/ PER SHOP WITHOUT THE NEED TO PRODUCE ANY ACCOUNTS, NO NEED FOR ANY HASSLES.
8) Income tax and Indian nationalism can be blended by making the income tax just and sensible. Helplessly leaving the millions of merchants from the tax net and imposing income tax on those taking to fixed deposits—the white money route is fatal to our country.
MAKE THE PAYMENT OF INCOME TAX THE BASIC PATRIOTIC DUTY BY MAKING THE TAX JUST.FOR THAT, PLEASE IMMEDIATELY REMOVE INTEREST FROM THE TAXABLE INCOMES.
Almost no one in Pakistan pays income tax
Only one in 200 people in Pakistan pay income taxes so the government is starting to crack down on tax evaders.
Click here to watch this video
http://www.nidokidos.org/threads/249002
Posted by: Cool Kis <cooolkis@gmail.com>
| Reply via web post | • | Reply to sender | • | Reply to group | • | Start a New Topic | • | Messages in this topic (1) |
NidokidoS Group for best of forwarded mails
To join us , send an email to
nidokidos-subscribe@yahoogroups.com
Be the part of Nidokidos , Join our Forum
http://www.nidokidos.org
to share your emails with us, send them at
nidokidos@yahoogroups.com
===================================================
No comments:
Post a Comment