Simply replace Income Tax with Transaction Tax and let money circulate in transparent channels !
None will feel harassed ! Economy will grow creating a lot of livelihoods !
Government doesn’t need to fear Opposition Parties while taking this step as People see it very clearly that all the top Political Leaders and Corporate Honchos spend royally in their private functions without bothering much about Public Exchequer or without bothering much to return Public Money in the name of running business ! Any Political Party opposing the abolition of Income Tax will lose Voter’s Blessings !
And yes ! Just a decent 1000 Sq. Feet 3 BHK independent House doesn’t cost less than Rs. 25 Lakhs even in C-grade urban area ! Too much hounding will simply kill employment-market ! One more thing which Government ought to know that private lending rates among masses goes up to 5 % per month as there is literally no access to former money source in the case of emergencies ! So liberal and affordable micro-credit from banks is the need of hour ! Small Amount Loans of 1 year tenure will help poor people tremendously and they won’t fall in the trap of Lending outlets run by the Goon-Syndicates !
Corruption doesn’t get cured by Raids but Transparency and Stopping the Leakages will certainly help !
Cash Transaction above Rs. 5000 must be banned and a mere 0.01 % Transaction Tax on Buying Leg will fill the Government-Coffer much much more than what can be ever thought of through cumbersome Personal Income Tax !
#FriendlyTax
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