IT raids on Bollywood actresses highlights heights of ignorance
Investment in gold is done through higher denomination currency. Union government should accept demand of civil society working under banner of 'India against Corruption' to discontinue circulation of notes of rupees 500 and 1000.
IT REFERS to Income Tax raids on premises of film-actresses Katrina Kaif and Priyanka Chopra. These are wrong policies of government that even in low-tax regime with maximum Income Tax slab remaining at just 30 percent, certain individuals are adopting means to evade taxes. An honest tax regime can and should be brought to make all declaring their actual incomes voluntarily. Most of undisclosed income is utilised for investing in property and gold. Union government should simplify tax-laws for auto-detection of investment of black money in property by introducing a permanent Voluntary Disclosure Scheme whereby people may have option to declare their undisclosed incomes on payment of maximum tax-rate of 30-percent in their tax-returns without asking source of income.
Investment in gold is done through higher denomination currency. Union government should accept demand of civil society working under banner of ‘India against Corruption’ to discontinue circulation of notes of rupees 500 and 1000. No sensible country like even USA and UK has practice of having higher denomination currency.
All practical means should be taken to transform currency-circulation into banking transaction in a manner that people may find excess currency as ‘paper’ of no practical use. All such steps will bring sharp decline in prices of property and gold making dreams of normal middle-class families fulfilled to invest in these as security and necessity.
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