analysis of tax code

8/8/2019 Analysis of Tax Code

1/5

1Allow tax benefits on Housing loans

2Remove all taxes!

3even if there is no tax we would ask somethig.

4Proposed Direct Tax Code will be more productive

5blunder if government comes out with this

6Lower limit yet unchanged

7Long term Capital Gain should be non taxable.

8EET Rules and Wealth Tax

9Tax rates change

10give some benefit for student in education loan & rate of interest

11Home Loan, Education Exp, HIgher Education

In the new law that is proposed, taxpayers will not be able to claim tax benefit on interest repayment

on housing loans, i think this should be relaxed and there should be Tax benefits for the repayment

done on the housing loans that people have taken, this will help a common man in a great way...hetax benefit has to continue cos it is real motivator for the investor. On the one hand it enables

industries like steel, Cement etc to grow and results in revenue to the govenment by way of

corporate tax. Withdrawal of tax benefit will result in slow down of the growth of housing

construction industriy as well related industries.


2/5

agree. In fact today there is an article in TOI that HDFC has

announced some cuts in the interest rates for loans ranging

between 30L to 50L!! So the dream home is not far away!! I

also feel that there should be minimum tax on FD's and

investemnts in stocks and other such schemes. PPF should not

come under the tax scanner at all!! Thatsmy feeling!1 But I

really like some changes made to the new tax laws.. its

PROGRESSIVE for the first time and indeed people friendly!!

Its simple, there will be more cash flow. People will spend

more paper money as its available and plastic wioll take a backseat.It will be a huge help to financial instituions (BANKS) as

they will have a decrease in delinquency rates as well.. overall

an effort that needs an applause I feel!

Why only on housing loans, there must be tax benefits for

many thingsm, which would be like a kind gesture shown to

the common man for good things done by him, like there was a

debate on should there be tax benefits if people go for energy

efficient products, i think there should be tax benefits on

things like these, and this will make sure that people are doing

the right thing for gaining masimum tax benefit, which intrun

will do great things for the country........

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I can suggest a total tax free regime throughout the country. It is not a blind suggestion. I have

worked on how to keep revenues of State/Central governments in tact so that developmental

expenditure could be incurred on a much larger scale than at present. Do I have right ears for

this?

4


3/5

Deepak, no country yet has looked into it. Like I have

indicated, governance has a meaning and definition. When

most government functionaries take a formal oath, they also

take an informal oath - "I will do nothing drastically

different".

Some people receive glory (for instance Abdul Nasir Sab and

Lallu Prasad Yadav. Abdul Nasir Sab did not anticipate the

impact when he started the first borewll project. Only when

looked at national context and rural needs scenario, this effort

appeared big. Then he continued in all earnestness. Similarly,Lalu Prasad never imagined that he would become a Harvard

study. Looked in the context of enormous size of Indian

railways and its turnaround, he received the attention he did.

Otherwise, both these people were normal politicians who

were not missionaries of change.

I can not comment on any one. I have not yet made any

meaningful effort to publicise the program I have in mind.

Keeping in mind a picture is something. To publish it as a

study paper is something else. I need to really do lot of

research, incorporate economic principles into it and also test

my proposals under the critical scanner built in economics. Ialso need to offer specific proposals. I have done 60% of the

work but the other 40% has become elusive.

Sometimes I really feel that I could be more useful to society if

I concentrate only on projects that are useful to society. But

then I have a life to live and my constraints in life are also too

many. I can only devote a part of my time for these things.


4/5

There has been so much talk on "thinking out of the box".

Unfortunately, most people accept that function of a particular

department, position or an individual is only as per the

definition. This is more so when we look at functions of the

Government - departmentwise. Most people within the

government or outside it, are simply conformists - for them

government rules and regulations are a sacred bible. Even if it

is not so sacred to them (they think of devious ways to conform

with the norms), they would like to conform so that they will

not be under risk in future.

In this scenario, can "thinking out of the box" be possible?

The danger when people do not think out of the box is that

they overlook a strength their unique position offers them.

Such strength could transform the organisation if used in the

right way. After all, resource becomes a resource only if there

is a value to it. If no one uses it, it loses its value as a resource.

I have identified one unique biggest resource these conformists

have. Being conformists, they have not looked out of the box

and identified their strength. Once they do, we can have the

entire country registering themselves with these authorities

and not the other way round.


5/5

This is not a small job. There has to be a radical change in the

outlook. All government departments have to take a plunge.

Only two persons can do this - the Prime Minister and the

Finance Minister. But if a group of economic/financial

analysts would like to debate this issue, I can present my views

even without publishing it. Or if a magazine/TV channel (of

course after discussing, clarifying, and convincing themselves)

would like to publicise this as an alternative, I could announce

it too.

One thing I can assure on this platform is that this is possible.Not only for India, but for the entire world. Everything has a

clincher. My proposal has a clincher. The Government need

not appear to be butchers always bent on taxing people. They

can remain benefactors. There will be revenues generated for

developmental expenditure. What is more, I can even indicate

how politicians and corrupt people can make money even inthat scenario!!

analysis of tax code

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