Now all are talking about the internal black money. Nobody even mention about the external black money and Swiss Bank and also the ‘15 lakh’ which was supposed to be deposited in our account. Instead we were compelled to deposit our own money in our account under pressure/compulsion on account of demonetization. Anyhow money is deposited, no matter who had deposited and how it was deposited.
When the finance minister Mr. Jaitley during budget speech in the Lok Sabha said, "..over decades tax evasion had become a way of life. We are largely a tax non-compliant society. When too many evade tax, the burden falls on those who are honest", I was really ashamed of our ethos and the apathy of the finance minister in bringing the big sharks into the tax net. If it is not possible, why we need an INCOME TAX DEPARTMENT just to squeeze the lower middle and lower class people who are honest in his own words? Whether the Department is only meant for collecting illegal funds from the business class as protection money for hiding black money? If the Income Tax Act and Income Tax Department is abolished and half of the staff is deployed in indirect taxes, India can move towards a new horizon without black money and corruption. Collection charge and chances of corruption is very minimum in respect of service tax, etc. It would also eliminate the corruption breeding areas of subsidies, deductions and the like prevailing in Income Tax and misused to the maximum.
In that case, of course, there would be a wild reaction from the Chartered Accountant fraternity and the Bar and Bench of the Judiciary because nearly 50% of them become jobless. Within 5 years of implementation, majority of the pending cases would come to almost nil. Total Income Tax Appellate Tribunals Income Tax Practitioners would be jobless.
Finally and foremost, if there is no corruption & black money, who will fight election with huge money? Then what is the benefit of being a politician? This will lead to clean politics with low cost.
About Income Tax Department I had already dealt with in my book ‘A FRAUD IN THE INDIAN CONSTITUTION’ and will come out with more in the second part, coming soon.
For more details, go to my home page: www.manjaly.net