Indian Budget
Posted on February 14, 2008
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Another Union Budget is about to be rolled out. Taxation is again the talk of the town in the economy circles. A programme on “tax ghatao andolanâ€(reduce tax movement) is being aired by media and nicely conducted by Subhas Lakhotia, a familiar face in Taxation field. This provides a good forum to the viewers.
It appears the thought process is centered on various aspects of levy taxes. But evasion is a wide spread menace in our financial system and need to be addressed meaningfully. Prevailing rates of taxes, particularly Income Tax, are already a big punch to genuine taxpayers. Need of the hour is to plug the HOLE. Tax collection from certain classes of payers like salaried class is linked to their pay packets, leaving hardly any scope of escape. Do they not deserve any sympathy by the Hon’ble Finance Minister? Similarly Senior citizens in higher age group say above 65 yrs deserve honorable treatment by the society and system of taxation is no exception to the social fiber.
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