(1) Make it compulsory that every supplier of goods and services (including Doctors, Lawyers, Chartered Accountants should put into use Computer Software whereby Receipt for payment is generated that can and should be issues to the buyer (of goods and services) and simultaneously make booking in the Sales/Revenue Collections A/c. This will ensure that Sales Tax/VAT/GST as well as Income Tax would have to be paid on all Sales/Revenue Collection without avoidance and evasion.
(2) The Budget should show not merely Receipts and Payments in financial terms but also, quitely importantly, the outcomes in physical terms that should be attained
(3) Explanations should be appended for not achieving or exceeding the Budget Targets as the Budgeted Outcomes.
(4) Revenue Budget should be separate and distinct and the Capital Budget should show the sources of Capital Receipts including excess, if any, of the Revenue Receipts over Revenue Payments
(5) Agricultural Income net of Agricultural Expenses of Kharif and Rabi Crop put together should, if the same excees Rs.5 lakhs, be subjected to Income Tax, All the Small and Mrginal Farmers would still remain exempted from Income Tax. Income from Fruit Orchards, Plantations of Tea, Coffee etc. need not justifiably be exempted from Income Tax
(6) Export Income net of Expenses directly related to Exports shoud. if the same exceeds Rs.10 lakhs be subjected to Income Tax. The Exemption Limit relating to Exports has been proposed at a higher level in view of the importance of Exports for the Economy.
(7) Dividend Income exceeding, say, Rs.5 lakhs should be subjected to Income Tax. Even though Corporate Tax is paid by a company while paying Dividends, it should be remembered that a Company is a separate entity like any person; hence the fact that corporate tax is paid should not justify exemption of Dividend income from Income Tax. Some like Mukhesh Ambani gets Dividend of several hundred crores which is exempt from income even though employees of his Companies pay Income Tax if their income is Rs.21,000/- or more. Obviously such exemption is not justified. more
(2) The Budget should show not merely Receipts and Payments in financial terms but also, quitely importantly, the outcomes in physical terms that should be attained
(3) Explanations should be appended for not achieving or exceeding the Budget Targets as the Budgeted Outcomes.
(4) Revenue Budget should be separate and distinct and the Capital Budget should show the sources of Capital Receipts including excess, if any, of the Revenue Receipts over Revenue Payments
(5) Agricultural Income net of Agricultural Expenses of Kharif and Rabi Crop put together should, if the same excees Rs.5 lakhs, be subjected to Income Tax, All the Small and Mrginal Farmers would still remain exempted from Income Tax. Income from Fruit Orchards, Plantations of Tea, Coffee etc. need not justifiably be exempted from Income Tax
(6) Export Income net of Expenses directly related to Exports shoud. if the same exceeds Rs.10 lakhs be subjected to Income Tax. The Exemption Limit relating to Exports has been proposed at a higher level in view of the importance of Exports for the Economy.
(7) Dividend Income exceeding, say, Rs.5 lakhs should be subjected to Income Tax. Even though Corporate Tax is paid by a company while paying Dividends, it should be remembered that a Company is a separate entity like any person; hence the fact that corporate tax is paid should not justify exemption of Dividend income from Income Tax. Some like Mukhesh Ambani gets Dividend of several hundred crores which is exempt from income even though employees of his Companies pay Income Tax if their income is Rs.21,000/- or more. Obviously such exemption is not justified. more
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CASH DEPOSIT IN BANK AND WITH DRAWL FROM BANK SHOULD ALSO BE TAXED AT A RATE OF ONE PERCENT ATLEAST. THIS WOULD STOP PEOPLE FROM WITH DRAWING MONEY FROM BANK AND PAY ONLY BY THEIR CREDIT CARDS OR DEBIT CARDS. NOW ALL YOUR PROBLEMS ARE OVER. YOU WILL NOT LOOSE CASH WHILE TRAVELLING AND YOU CAN CARRY SMART CARD ALONG WITH YOUR FAMILY WHO WILL ALSO CARRY SMART CARDS. EVEN YOUR CHILDRENS WOULD BE ABLE TO MAKE PAYMENTS SINCE THE PAYMENT IS CASH LESS AND EASY TO MAKE AND HAS AN AUDIT TRAIL. TELL ME IS THIS NOT EASY TO DEAL WITH ALL THE PROBLEMS. more
Jan 02
IF WE HAVE TO REMOVE BLACK MONEY THEN THE VARIOUS CARDS ISSUED MUST BE FINISHED AND ONLY ONE SMART CARD SHOULD BE ISSUED BY THE BANKS AND INCLUDING ISSUING OF PAN NOS SHOULD ALSO BE MANDATORILY BE ISSUED BY BANKS INCLUDING ISSUANCE OF AADHAR CARDS. IN FACT NO CARD OR PAN CARD OR AADHAR CARD MUST BE ISSUED. ONLY ONE ATM CARD SHOULD BE SUFFICIENT AND IT MUST ACT AS IDENTITY CARD FOR ALL PURCHASES AND SALES AND FOR MAKING PAYMENTS. THIS CARD WOULD MAKE ALL TAX PAYMENTS IMPORTANT AS NO TRANSACTION CAN BE DONE WITH OUT THIS CARD ANY WHERE. NO CASH PAYMENTS MUST BE ALLOWED BELOW 500 RS AND ALL PAYMENTS WOULD BE MADE ONLY BY THIS SMART CARD more
Jan 02
SASTRI JI, all the payments to doctors , lawyers , chartered accountants and petrol pumps should be made compulsorily by debit or credit cards. Rather all payments with respect to purchase and sales in all shops must be made by credit cards or debit cards. more
Jan 02
No not all. For example expenses incurred in the hope of getting business, in an industry, cannot be related to a specified income. Of course in National scale it is true also as many expenses are justified in the hope of achieving something but this something is too small in proportion or never achieved. Intangibles like welfare are difficult to be measured factually. more
Jan 02
