SUGGESTIONS FOR THE UNION BUDGET FOR THE YEAR 2017-18.

[krishna murthy]

  First the "UNION BUDGET"  must be with a good aim,Transparent and strong intention to develop all the community and all the regions of the country and protect the country.Every one have only 24 hours a day. Out of 24 hours every one is working about 8 to 10 hrs a day only . But only 10% of the people are becoming too rich and 90% of the people are becoming too poor to middle class. Only few regions are being developed. Only few communities are being developed.  why? where are the loop holes? The young generation should understand these economic imbalances in the country and must try for stop the corruption & Black money and selfishness and rectify the loop holes in the laws and give more powers to the Election commission, RBI and  CBI. So,

01. The aim of the Union  budget should control the Corruption , Black money and Fake money.

02. It should make the poor ( those includes labor, cast professionals, employees and must change the beggars) to become rich.

03. It should develop the Industries and Infrastructure.

04. It should remove the poverty.

05. It should reduce the fear in the people and create interest to live.

06. It should increase the employment opportunities.

07. It should improve the moral responsibilities & Accountability in the people.

08. It should able to utilize all the resources including man power.

09. It should encourage the the exports and Imports and Foreign Direct investments.

10. It should encourage the rich people to pay the taxes as a responsibility.

11. It should encourage all types of people to work for their own country interestingly.

12. There should not be any scope for selfishness.

13. It should not make the people to become as vote bank and should not make the people as beggars, liar's , deceivers and thieves. 

Simply 1% increase of tax and 0.5% decrease of tax, increase of 1% rebate and decrease of 0.25% surcharge etc. all these are make confuse the people and critical for the remembering of Tax calculations.

Today, even degree passed people also are not able to understand the income tax calculations and not able to file the Income tax returns independently. Hence further simplified the returns filing system.

The present Income tax system highly punishing,  only  the salaried employees, by way tax. Because the employers are maintaining the salaries records perfectly. Where as the Big kirana shop people, Pan shops, Hotels, Chat bandies  , Barber shops, Poojaries, Vasthu , Jyotish consultants , Real estate and all types of Brokers , Cloth business people, political leaders , Lawyers, Doctors, Commission agents, do not maintain any  records and hence they are becoming too rich and constructing so many buildings , purchasing  lands , Businesses , Gold , Dollars  and holding  Black Money  within months or within years, by evading taxes. And no act is touching them. So this type of vote Bank system is not correct.

In every family, there are children, men, women, Sr.citizens and super Sr.citizens etc., Then why the different tax slabs and different calculations?

The Tax system should be able to make the poor and rich equal. Collect the more taxes from rich people and use the money for development of country and the poor welfare  & development schemes. The abolish of wealth tax is not correct system.  Even after 67 years of Independence, about 60% families do not have houses. 10% of people have  more than 10 houses or flats  and they are earning lakhs and crores of rupees as the Rents or Leases. Years to geather Rich people are becoming to Rich and Poor are becoming too poor. For the economic balance , the Rich people have to pay tax more. Hence  must restore the  ' Wealth Tax Act'  and charge 1% for the above 50 Lakh value of wealth. And must develop the systems to remove all subsidies and welfare schemes to the " Rich and Black money people". Service tax to be abolished  to poor & middle class people those who are earning below ₹ 5 Lakh ina year.
 

Further,  I would request the respected and honorable Finance Minister, Prime Minister and President of India to consider the following suggestions in the coming Financial Budget.Declare the Tax holiday for 5 years as a 5 years plan for individuals, providing an option to file the returns for refunds and other reasons. So that IT officers will put more concentration on " rich , corrupted and Black Money People".

Increase the IT exemption limit to ₹ 5 lacks. Common to all the people ( No Man , No Woman, No Senior Citzen and No Super Senior Citizen. They are already in this slab only. Just you make to all). So that the people  improve financially little higher side . IT officers , unnecessary concentration and waste of time on no income 'Returns' may also  be reduced. Further they can concentrate more time on Crore people , Black Money people and Rich people and Tax evaders.  Further, once yearly income  should be arrived from not only  all types of incomes , but also  their yearly  Expenses , Savings and Investments.  And the slabs Rs. ₹ 5.01 lacks to ₹ 10 lacks  , the tax should be 10%,  Rs.10.01 to ₹ 15 lacks 20% and ₹ 15.01 lacks to and above 30%. Under sec.80cc, increase the limit to ₹ 6 lacks to all the individuals and remove all the  exemption, rebate sections ( Ex: HRA, Medical, Conveyance, handy cap , trade mark etc,. all )  and education Cess  etc., Surcharge  may be remain same as 10% for above 1 Crore.

Waive all the old pending tax demands of individuals below ₹ 25,000/- as of date.

Introduce the Taxes on Big Kirana shop people, Cloth business people , Hotels, Pan Shops, Chat Bandies, Lawyers ,Doctors and others.

Introduce the Tax on all the political and party funds.

These five years , concentrate on Black Money and corrupted money. Concentrate these five years to collect the Black Money and corrupted money of Indians from Indian banks and International Swiss banks.

These five years, Identify, collect and sell or put action  on the Benami Assets with the co ordination of ACB, CID, CBI, state and central vigilance and Inter poll. Simplify the tax calculations and should be easy to understand the even a 10th standard people and create interest in them  to pay tax for the sake of nation and prove their honesty. Do not make the people liar's and Tax evaders.

Rich people, corrupted people and Black money people must pay more Income Tax. 

Hence, Wealth tax exemption limit may be increased to ₹ 50 lacks only. Should not more than that. Do not show more tax  benefits to the Corrupted and Black Money people.  Tax rate should be as it is 1%.

"Some of the names Trusts, Societies, Nilayas and Machineries and Charities etc.,  are masks of the corruption & Black money."  Hence Introduce the system of perfect auditing, controlling   and collect the taxes on their Incomes and Assets. Unfortunately, today we do not have the famous leaders like Mahatma Gandhi , Swamy Vivekananda , Vinobha bave , Jaya prakash Narayan etc., to recover the corrupted money and Black Money with their honest and sweet words. That means without any force , punishment and legal procedure.

Through this type of Budget also the Govt. will able to recover more funds (Taxes & Black money) to use for the Industries & Infrastructure development, employment generation,education and can use the funds for poor welfare schemes. The poor will become rich and live with the morality as well as comfortable. Once the corrupted people punished and recovered the black money and Binami assets, utilize all the man power , common & genuine People will get the confidence in the govt. and other people fear to do the corruption and build up the black money.