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2 Remove all taxes!
3 even if there is no tax we would ask somethig.
4 Proposed Direct Tax Code will be more productive
5 blunder if government comes out with this
6 Lower limit yet unchanged
7 Long term Capital Gain should be non taxable.
8 EET Rules and Wealth Tax
9 Tax rates change
10 give some benefit for student in education loan & rate of interest
11 Home Loan, Education Exp, HIgher Education
In the new law that is proposed, taxpayers will not be able to claim tax benefit on interest repayment
on housing loans, i think this should be relaxed and there should be Tax benefits for the repayment
done on the housing loans that people have taken, this will help a common man in a great way...he
tax benefit has to continue cos it is real motivator for the investor. On the one hand it enables
industries like steel, Cement etc to grow and results in revenue to the govenment by way of
corporate tax. Withdrawal of tax benefit will result in slow down of the growth of housing
construction industriy as well related industries.
agree. In fact today there is an article in TOI that HDFC has
announced some cuts in the interest rates for loans ranging
between 30L to 50L!! So the dream home is not far away!! I
also feel that there should be minimum tax on FD's and
investemnts in stocks and other such schemes. PPF should not
come under the tax scanner at all!! Thatsmy feeling!1 But I
really like some changes made to the new tax laws.. its
PROGRESSIVE for the first time and indeed people friendly!!
Its simple, there will be more cash flow. People will spend
more paper money as its available and plastic wioll take a back
seat.It will be a huge help to financial instituions (BANKS) as
they will have a decrease in delinquency rates as well.. overall
an effort that needs an applause I feel!
Why only on housing loans, there must be tax benefits for
many thingsm, which would be like a kind gesture shown to
the common man for good things done by him, like there was a
debate on should there be tax benefits if people go for energy
efficient products, i think there should be tax benefits on
things like these, and this will make sure that people are doing
the right thing for gaining masimum tax benefit, which intrun
will do great things for the country........
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I can suggest a total tax free regime throughout the country. It is not a blind suggestion. I have 4
worked on how to keep revenues of State/Central governments in tact so that developmental
expenditure could be incurred on a much larger scale than at present. Do I have right ears for
this?
Deepak, no country yet has looked into it. Like I have
indicated, governance has a meaning and definition. When
most government functionaries take a formal oath, they also
take an informal oath "I will do nothing drastically
different".
Some people receive glory (for instance Abdul Nasir Sab and
Lallu Prasad Yadav. Abdul Nasir Sab did not anticipate the
impact when he started the first borewll project. Only when
looked at national context and rural needs scenario, this effort
appeared big. Then he continued in all earnestness. Similarly,
Lalu Prasad never imagined that he would become a Harvard
study. Looked in the context of enormous size of Indian
railways and its turnaround, he received the attention he did.
Otherwise, both these people were normal politicians who
were not missionaries of change.
I can not comment on any one. I have not yet made any
meaningful effort to publicise the program I have in mind.
Keeping in mind a picture is something. To publish it as a
study paper is something else. I need to really do lot of
research, incorporate economic principles into it and also test
my proposals under the critical scanner built in economics. I
also need to offer specific proposals. I have done 60% of the
work but the other 40% has become elusive.
Sometimes I really feel that I could be more useful to society if
I concentrate only on projects that are useful to society. But
then I have a life to live and my constraints in life are also too
many. I can only devote a part of my time for these things.
There has been so much talk on "thinking out of the box".
Unfortunately, most people accept that function of a particular
department, position or an individual is only as per the
definition. This is more so when we look at functions of the
Government departmentwise. Most people within the
government or outside it, are simply conformists for them
government rules and regulations are a sacred bible. Even if it
is not so sacred to them (they think of devious ways to conform
with the norms), they would like to conform so that they will
not be under risk in future.
In this scenario, can "thinking out of the box" be possible?
The danger when people do not think out of the box is that
they overlook a strength their unique position offers them.
Such strength could transform the organisation if used in the
right way. After all, resource becomes a resource only if there
is a value to it. If no one uses it, it loses its value as a resource.
I have identified one unique biggest resource these conformists
have. Being conformists, they have not looked out of the box
and identified their strength. Once they do, we can have the
entire country registering themselves with these authorities
and not the other way round.
This is not a small job. There has to be a radical change in the
outlook. All government departments have to take a plunge.
Only two persons can do this the Prime Minister and the
Finance Minister. But if a group of economic/financial
analysts would like to debate this issue, I can present my views
even without publishing it. Or if a magazine/TV channel (of
course after discussing, clarifying, and convincing themselves)
would like to publicise this as an alternative, I could announce
it too.
One thing I can assure on this platform is that this is possible.
Not only for India, but for the entire world. Everything has a
clincher. My proposal has a clincher. The Government need
not appear to be butchers always bent on taxing people. They
can remain benefactors. There will be revenues generated for
developmental expenditure. What is more, I can even indicate
how politicians and corrupt people can make money even in
that scenario!!