“If the super rich are considered to be those with Rs 10 lakh taxable income in a year then you are reaching out to the upper crust of the middle class and not really reaching out to the HNIs (high networth individuals). If you increase the tax rate then even these will start going out and evade taxes,” Sinha told The Indian Express. He also spoke against inheritance tax, pointing out that he was the one who had abolished gift tax.
Sinha noted that tax rates are well settled and the government should not meddle with it. Pointing out that most of the HNIs and super rich are self employed, Sinha said that it is easy to catch the salaried individual but quite difficult when you deal with the self-employed. “So any such move will end up increasing tax on the honest tax payers,” he pointed out.
While the fiscal deficit is a growing concern for the economy, Sinha said the government can reduce its expenditure and that will be a proper thing to do. He, however, added the current finance minister may resort to unconventional methods. “He can postpone the fertiliser, food and oil subsidy and may save even up to 1 per cent of the GDP. He can reach out to corporates and say—pay higher advance tax and we will return it in the first quarter. The worst thing that he can do is that he will push some expenditure below the line as he had done in his earlier budgets.”
A Question to these so-called people's Leaders: Do you guys even feel for the pathetic quality of life of your brothers and sisters? If no,then whats the point in this argument. But still I would like to carry on this debate for the best interest of our country. There has to be a BASE-LEVEL of Quality of life defined for every individual in this country. PPP (Purchasing Power Parity) is a more better index than GDP (Gross Domestic Product) or an illusionary Per Capita Income. Another imp. factor is the perception of quality of life which varies from homo sapien to homo sapien depending upon his/her level of EVOLUTION?. The fatso junior Ambani who might be sitting on the helipad of his sky-scrapper & eating a Pizza might think he is comparatively worse-off than Bill-Gates. And this eternal struggle of haves & have-nots influence the market forces to disturb the equilibrium and then so-called better-off 'POWERFUL' always thrive to safe-guard their status quo, as if they are IMMORTALS
He is right in saying that the honest tax-payers will be affected. Govt. should focus instead on the non tax-payers. 97% population doesn't pay a penny as income-tax.
most stupid comment