My first priority would have been recovering the outstanding loan (along with interests) that our country's immoral industrialists had taken from the public sector banks and had not repaid.
Second, I would have set the maximum price of the essential commodities, including food items and petro-products.
Third, I would have levied tax on luxury items and use the revenue for building infrastructure for the country's poor.
Fourth ...... but how can I daydream in this way? After all, we have a government which will never do these things!!
The first thing would be to bring all the lacks of crores of black money stashed in Swiss banks or other tax heavens to india and invest the same for the development of the villages of the country to make them self-sufficient. The 2nd thing would be to remove corruption from the country which is destroying our beloved country. The 3rd thing would be to remove the high taxation regime and make it max of 9% so that all should participate in well being of the nation. The 4rth would be to see that every penny allocated for the poor will reach them. The 5th would be to make very effective laws to confiscate the ill-gotten assests from the fraudsters which is shamefully not possible now. I am 100% confident that if i as a finance minister could achieve the above targets then our country will become the most powerful and highly admired country of the world.
IF i became the FM i will decrease the tax burden on middle class people and increase the tax on the rich people.by baning the 500 and 1000 rs notes we curb some of the black money in our country.
I would mercilessly arrest all those who hold huge black money including powerful ministers. I will not spare even civil servents, come what may? If necessary I will even probe against Sonia and Congress holding unaccounted black money. I will raid on SRK and associates and probe to bring to light all his underground deals. I will raid on houses of TN CM, Ministers, and Telecon Tycoon Raja.
1) Will waive off additional tax exemption to a) Women b)Senior citizen. Both have no logic.
2) Impose tax on clubbed income of husband and wife. A couple would be treated as one individual and tax would be assessed on joint income after allowing some addition standard deduction. 3) Raise the exemption limit to thrice of present limit for salaried persons. It is the salaried people who are affected most by personal Income Tax.
Tax slabs Men 2.5lac - 0%; 5 lac - 10%; 10 lac - 20%; 10 lac 30% Women & Senior Citizen 5 lac - 0%; 10 lac - 10%; 15 lac - 20%; 15 lac - 30% All deductions should be brought under one umbrella and limit should be increased to 5 lac for Men, Women & Senior Citizen It should include everything from Medical expenses self,parents & children HRA LTA Investments Donations Home loan Food Allowance Education loan self and children Travel Allowance etc. etc. All Loans, Investments and Salary should be linked with PAN number and the tax liability automatically calculated rather than leaving it for the individual to do
Tax slabs Men 2.5lac - 0%; 5 lac - 10%; 10 lac - 20%; 10 lac 30% Women & Senior Citizen 5 lac - 0%; 10 lac - 10%; 15 lac - 20%; 15 lac - 30% All deductions should be brought under one umbrella and limit should be increased to 5 lac for Men, Women & Senior Citizen It should include everything from Medical expenses self,parents & children HRA LTA Investments Donations Home loan Food Allowance Education loan self and children Travel Allowance etc. etc. All Loans, Investments and Salary should be linked with PAN number and the tax liability automatically calculated rather than leaving it for the individual to do
Tax slabs Men 2.5lac - 0%; 5 lac - 10%; 10 lac - 20%; 10 lac 30% Women & Senior Citizen 5 lac - 0%; 10 lac - 10%; 15 lac - 20%; 15 lac - 30% All deductions should be brought under one umbrella and limit should be increased to 5 lac for Men, Women & Senior Citizen It should include everything from Medical expenses self,parents & children HRA LTA Investments Donations Home loan Food Allowance Education loan self and children Travel Allowance etc. etc. All Loans, Investments and Salary should be linked with PAN number and the tax liability automatically calculated rather than leaving it for the individual to do
