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How to counter black money

How to counter Black Money? 1. Simplification of tax laws. Increase IT limit to 5 lacs and then maximum of .....



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  #1  
08-24-2011
Senior Member
 
: Aug 2011
: Ahmedabad
: 66
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How to counter Black Money?


1. Simplification of tax laws. Increase IT limit to 5 lacs and then maximum of 25% income tax without any surcharge. Remove all tax exemptions provisions except LIC. Housing loan interest should made fully exempted. Better to remove TDS completely. But, will CA lobby allow to do this simplification.
2. Make laws of excise, vat, custom, service tax very simple that normal non-CA background person can also understand. Surcharge, educational cess on basic tax must be removed and proportionately govt can increase little tax slab. Govt can allocate from that collection why to create trouble for millions of people.
3. Last but most important point of all. Tax exemption from agriculture should be removed completely. This is key source of black money generation. Small farmers did not have to pay since they come under limit only. Only rich farmers take benefit and misuse this law mainly politicians and their relatives/friends only.
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  #2  
08-24-2011
Proud Indian's Avatar
Senior Member
 
: Feb 2011
: Chandigarh
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: 312 | 0.09 Per Day

i agree ... eradication of black money is very necessary
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