4) Household needs –Consumer durables, comforts (AC etc), entertainment, happy living needs, conveniences so on and so fort
5) Property like house/house plot/land/ resort homes/gold and jewellery so on and so forth
6) Easy liquidity (like short term Fixed deposits)
7) Fixed deposits
8) Insurance investments (Other than insurance cover)
9) Mutual funds etc
10) Like this it is easy to make an exhaustive list of where incomes go. All income needs to be spent or saved or invested one way or the other
11) So abolish income tax and collect one time income tax on all items of expenditure/investment/savings leaving the expenses on day to day living
12) As of the day per capita day to day living to some standard would entail an expenditure of Rs.5000 to Rs.10000 per month (Provisions, transport, health/medicines, power, water, school/college fees so on and so forth. These any way has indirect taxes. Any income over and above would go as saving/investment/gold buying etc. Tax when those transactions are carried by individuals.
