And for a Friday in Hyderabad, on eve of much anticipated, hopefully economy boosting, Union Budget….. some thoughts….. some musings…..
No matter which Political dispensation is in Power, the honest Salaried Tax payer gets knuckled every time a Budget is presented. Last year salaried tax payers had coughed up 76,306 crores whereas non-salaried, all classes together, paid just one third – 25,753 crores. Salaried class have no choice. 100% of their income is taxed at source. They are not allowed to deduct any expenses. From the post tax income they pay GST @18% for almost most items they consume. The burden to pander to the excesses, whims and fancy Doles of the Politicians is on the honest Tax payers. Statistically in India, the richest 10% are poorer than the USA’s poorest 10%. Loh….. what an irony. Result of years of crony Socialism.
With Agricultural income being completely tax free, combined with Gold and land dealings, India has a challenge to combat the scourge of Black Money. Demonetisation, an excellent and much needed intervention almost flopped, not only due to hasty and faulty implementation but deep rooted well connected Money hoarders. Interesting titbits are now getting exposed. Baburao Ahire, a 35 year old slum dweller/daily labourer living in a 100 sq ft slum in Mumbai suburbs received 1 crore IT notice. Somebody opened fake accounts in his name, deposited 58 lakhs and withdrew it soon after. There are thousands of such examples. However, slowly but surely India is tightening the noose. With technology plus social media and the Internet, black money will get increasingly difficult to hide. Our Young generation are smart, impatient, globally networked and multi taskers….. beware!!!
Let’s hope and pray that the honest tax payers get their due recognition. Let them develop safety nets and help build the resurgent India, the legal way, the honest way, the SEEGOS way.