Today’s Hindustan Times
carries following news :
The finance ministry is
considering giving relief to taxpayers in the form of higher income tax
deduction, said two government officials familiar with the developments.
The current relief is Rs 2 lakh and discussions are on to
increase it to at least Rs 2.5 lakh. The extra deduction, however,
will be available only on investments made by taxpayers in government infrastructure projects, the
officials said.
“ Discussions are on to give relief to taxpayers in the form of
higher tax deduction. The higher deduction will be for investing in
infrastructure projects
in the form of bonds or
through equity-linked savings schemes,” said a government official, who asked not to be named. These
investment routes are likely to have a lock-in period, he added.
“There is intent to give
tax relief to as many taxpayers as possible, but a higher deduction will mean
loss of revenue so the exact quantum of the relief will depend on the
government’s fiscal elbowroom,” said another government official.
“ A higher tax deduction for investment in
government infrastructure projects would mean more money will be channelized
into these projects and in capital markets. Every Rs 10,000 increase in the
deductions will lead to an additional investment of Rs 7,500 crore, if we consider 75 lakh
people pay income tax in India,” said Girish Vanvari, partner and head,
KPMG India.
Dear
Shri Jaitleyji :
Thank you in anticipation of such an announcement on 01 Feb 2018
Thank you for reading my following 22 emails where I have
suggested that :
“ Under a BLACK MONEY AMNESTY SCHEME , all hidden income deposited in
Infrastructure Bank Accounts ( similar to Jan Dhan Accounts ) , can only be
used for investing in Govt Infrastructure SPVs , with a lock-in period of 10
years and all interest / dividend to be only credited to such Infrastructure
Bank Accounts and no money can be withdrawn from such accounts for specified
period “
It may still not be too late to enlarge your proposal (
from just raising tax limit, from Rs 2 lakh to Rs 2.5 lakh ), which might fetch
you a meagre Rs 7,500 crore ( a little over $ 1 Billion, as against Asian
Development Bank’s estimate of India’s need for Infra Funds at $ 291
billion / year , for next 14 years ! – with just Shri Nitin Gadkari and
Shri Piyush Goyal needing $ 300 Billion for their
ministries , in next 4 years ! )
My suggestion could get
you Rs 75 lakh*crore for Infrastructure !
BabaRamdev and Black Money [ 29 May 2011
]
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