Above all, the limit for exemptions under Section 80C should also be increased to a more reasonable level — say the limit of Rs 3L should be good enough. In fact this has prevented many from investing more in policies etc. It’s high time that agricultural income is brought into the income tax net. Many politicians and others under the guise of being “agriculturists/farmers” have been evading I-Tax for decades. No Finance Minister has ever dared to bring the agri-income for Income Tax. In fact today one can see many rich farmers leading a lavish style (most of them political leaders and so on…) and yet not paying the income tax as they say they earn “agricultural income”!!
Last but not the least, the FM should catch hold of all those utter and core corrupt officials, bureaucrats, ministers too and attach all their wealth and assets. I am not talking about the huge money stashed away in Swiss banks. We have been hearing very many cases of ministers and bureaucrats and officials being involved in large scale scams and corrupt deals. They have amassed wealth and properties to the tune of hundreds of crores. Some ex-ministers have been found to be having as many properties, farms, flats, lands and so on. But nothing has happened so far to them, except that raids by IT, ED, CBI, are being conducted with no end results or the ‘scamsters’ getting punished!!
More importantly, as per the disclosure made by the FM that the number of bank loan defaulters has risen to an alarming extent, the government must take stern actions against these defaulters-come what may. It’s a known case that on the one hand some industrialists happily default loan repayments etc. and on the other hand lead a lavish style by owning luxury yachts, limousines and so on. These defaulters must not be spared at all. The government must grab and attach all the properties of such corrupt people and defaulters and recover all the monies due.
Let the FM recover all those unaccounted wealth, assets and cash from the most corrupt people, he can certainly get huge revenue to wipe off the deficit in the budget. He need not even think of imposing and taxing the common man anymore. May be he can even do away with the Income tax on the salaried. Will the PM and FM take some bold measures — it’s now or never considering the general elections due just next year! And establish that “Achhe Din” is indeed here for the common man and honest tax payers to lead a decent and healthy life!्
(The views expressed by the author in the article are his/her own.)