Thursday, August 10, 2017

The big myth on Income Tax Payers in India

Data from a Chartered Accountants'Company Secretaries and other professional bodies and groups.......;
Finance Minister said during his budget speech that we are largely a tax *'non- compliant'* society and presented that only *3.7 crores* are  filing ITRs in this poor country of 125 crore population .

*The reply by CAs ,CSs,CMA,s

We have 82 crore voters out of which,

- *75% are agriculturists*  ie. 61.5 crores ( You exempted them straightaway, but they can also buy cars , bungalows etc. as you quoted.. Your political colleagues are also enjoying this exemption) 

*Balance remains... 20.5 crores* 

*Less:24% BPL class* ( Below poverty line)

Means 15 crore population ( which is non agriculturist and non BPL) .. 

*Less : Senior Citizens, Non working wives, unemployed youths, below-taxable income earners... political class.. (say 75%)* ... in a typical indian family only 1 earning member and 5/6 are dependent on him....

*Balance: (15-11.25)=3.75 crores is the earning class ... which can file ITRs and ... they are already filing it...*

.... So almost no gap as FM  is stressing unnecessarily without knowing his country

if FM wants more people to come into tax net ... then... instead foolishly resorting to rampant raids, surveys, notices, scrutiny,  demonetisations etc etc viewed as *tax terrorism*  ... he should defy his negative bureaucrats and .......

1. Introduce simple Income Tax on Agricultural Income on large landlords ( Say 10 Acres plus ) - you can add 26% of Agriculturists as tax payers *( Politicians are also enjoying this exemption )*

2. Instead of introducing 5000 /10000 penalties on late filers of IT return ...
*come out with positive approach and introduce incentives to IT return filers* ( learn from Pakistan, IT assessee gets discount in purchase of Car )

3. *Introduce Privilege card to  those paying taxes above certain limit.. privilege card to entitle assessee with benefits like Priority quota in railway tickets , Use of airport lounges, subsidised medical facilities, etc etc...  let Tax payers feel proud*

4. *Introduce medical insurance / life insurance on basis of average ITR filled... like coverage upto twice of Gross Income in ITR filed for mediclaim and ten times risk cover in case of life insurance* 

5. *Introduce Pension after 65 yrs of age on the basis of tax paid by tax payer during his working life..*

Let honest taxpayers get certain direct benefits.... 

As on today, 3.3% of Indian population is filing ITRs as compared to 8% of China...adding large agriculturists to Income Tax may shoot the figure to more than 10% .... it may help you to cool your tax terrorism mindset and a tax compliant nation ...

Tuesday, July 18, 2017

Mother's love

Mother's love
Before you were conceived,
I wanted you.
Before you were born,
I loved you.
Before you were an hour,
I would die for you.
This is the miracle of life.

Friday, May 19, 2017

Dollar Garland

Bride and Groom taking vows
Picture of an Indian wedding, where the bride and groom are taking vows and the groom is wearing a garland made of US$1 notes.

Friday, February 10, 2017

Some beautiful answers and way of thinking of Turkish poet Jalaluddin Rumi

Some beautiful answers and way of thinking of Turkish poet Jalaluddin Rumi,

What Is Poison ? ? ?
He Replied With A Beautiful Answer - "Anything Which Is More Than Our Necessity Is Poison. It May Be Power, Wealth, Hunger, Ego, Greed, Laziness, Love, Ambition, Hate, Or Anything

What Is Fear ?  
Non Acceptance Of Uncertainty.
If We Accept That Uncertainty,
It Becomes Adventure.

What Is Envy ?  
Non Acceptance Of Good In Others.
If We Accept That Good,
It Becomes Inspiration.

What Is Anger ? 
Non Acceptance Of Things
Which Are Beyond Our Control.
If We Accept, It Becomes Tolerance.

What Is Hatred ?   
Non Acceptance Of Person As He Is.
If We Accept A Person Unconditionally,

It Becomes Love.