Very Important Information: The Big myth on Income Tax Payers in India Every Tax Payer, Pensioners, Employee must Know

The big myth on Income Tax Payers in India.

Based on Data from a Chartered Accountants' Company Secretaries and other professional bodies and groups.

The Finance Minister said during her budget speech that we are largely a Tax 'non-compliant' society and presented that only 3.7 Crores are  filing ITRs in this poor country of 125 Crore population.

The reply by CAs , CSs, CMAs is given below:-

Madam,

We have 82 Crore Voters out of which, 75% are Agriculturists/Farmers i.e. 61.5 Crores (You exempted them straightaway, but they can also buy cars , bungalows etc. as you quoted. Your political colleagues, who called themselves agriculturist/farmers, are also enjoying this exemption) 

Balance remains, 20.5 Crores

Less:24% BPL Class (Below poverty line)

Means 15 Crore population (who are non-agriculturist and non-BPL).

Less: Non-working wives, unemployed youths, below-taxable income earners, political class (all these are 75%), in a typical indian family only 1 earning member and 5 or 6 are dependent on him.

Balance: 15 -11.25 = 3.75 Crores, is the earning class which can file ITRs and they are already filing ITRs. So almost no gap as FM is stressing unnecessarily without knowing well her country.

If FM wants more people to come into tax net, then, instead of foolishly resorting to rampant raids, surveys, notices, scrutiny,  demonetization etc., viewed as tax evasion/terrorism and should defy her negative bureaucrats.

Some suggestions are:-

• 1. Introduce Income Tax on Agricultural Income on big landlords (Say 10 Acres plus), this way, you can add 26% of Agriculturists as tax payers (Politicians are also enjoying this exemption).
• 2. Instead of introducing 5000/10000 penalties on late filers of IT return, come out with positive approach and introduce incentives to IT Return filers (learn from Pakistan where IT Assessee gets discount in purchase of Car).
• 3.Introduce Privilege Card to  those paying taxes above certain limit. Privilege Card to entitle assesses with benefits like Priority quota in railway tickets, use of airport lounges, subsidized medical facilities, etc. and let Tax Payers feel proud.
•  4. Introduce medical insurance/life insurance on basis of average ITR filled, like coverage upto twice of Gross Income in ITR filed for mediclaim and ten times risk cover in case of life insurance.
• 5. Introduce Pension after 65 Years of age on the basis of tax paid by tax payer during his/her working life.

Let honest taxpayers get certain direct benefits.

As on today, 3.3% of Indian population is filing ITRs as compared to 8% of China. Adding big Agriculturists/Farmers to Income Tax may shoot the figure to more than 10%. It may help you to cool your tax evasion/terrorism mindset and a tax compliant nation.

LET'S SPREAD THIS TO EDUCATE HONEST TAX PAYERS.

Please forward it to maximum people.

Categories: empl news, EPFO