Abolish Income-Tax

 

                                                   ABOLISH  INCOME-TAX

 

 

                                    The Finance Minister should abolish Personal Income-Tax which

 

Is at the root of India's black money and corruption. The resources thereby lost to the

 

Government can be more than recouped through increased quantum of excise duties.

 

Income-Tax would have been long abolished if at least twenty five percent of our

 

Politicians had paid any income tax. The F.M. should shift his focus from Income

 

Taxation  to Consumption Taxation. People should be taxed on what they take from the

 

Society rather than on what they contribute to the nation by working and investing.

 

 

                                    Since politicians and countless other privileged members of our

 

Society declare subsistence-level incomes, spending is the best way to assess a person's

 

True income. Impose a heavy Expenditure Tax to increase tax revenue.

 

 

                                     Any one who consumes food should support the farmer. Give

 

Huge subsidies to agricultural inputs such as high-quality seeds, fertilizers, pesticides

 

Etc. so that no agriculturist resorts to suicide.

 

 

                                     Defence spending is a sacred cow which no political party or

 

Leader is brave enough to stand up and question. Wasteful expenditure in the Defence

 

Sector is huge. Archaic activities such as canteen supplies which tie up funds and

 

Personnel should be stopped and defence outlay should not be increased. After all,

 

Increased defence outlay is no substitute for good and effective diplomacy.

 

 

                                     To stimulate the sinking economy and to increase employment

 

Opportunities, huge amount should be set apart for road development and construction

 

Of new roads.

 

 

                                    The 3 %  education cess on all taxes should be withdrawn. There

 

Is no guarantee that the cess money will actually go into education.

 

 

                                    The Finance Minister should reintroduce Standard Deduction,

 

Meant for employment-related expenses, which are unavoidable to earn salary-income.

 

Business houses are allowed to deduct business expenses to arrive at their taxable

 

income. Why disallow Standard Deduction to salaried people ?

 

 

                                    The Finance Minister should see to it that the Budget does not

 

amount to mere First Aid as the country is in need of Hospitalisation.

 

 

 

S. RAGHUNATHA  PRABHU

                  M. Com., C.A.I.I.B. 

 

STATE BANK OF TRAVANCORE

 

PUNNAPRA-688004

 

ALAPPUZHA

 

 

 

S. Raghunatha Prabhu

Amaraavathy Cottage

Thiruvampady.P.O.

Alappuzha-688004