Friday, January 14, 2011

A case against income tax-now in India!!!

Of the 2 trillion rupees ($44 billion) net direct tax collected by the end of Dec. 2010, the personal income tax contribution was just over750 billion rupees ($16 billion). Now that’s a huge number and one would assume that our country needs such a large sum of money to sponsor the rapid urbanisation and infrastructural development. Well yes, it does but that’t not where these 750 billion go! Instead, as I mentioned earlier, they go in plugging holes – you and I pay our hard-earned money to keep alive the mismanaged, loss-making government enterprises! We pay for our government’s incompetence. Simple as that. We pay to make good the over 45 billion rupees loss of Air India, over 400 billion rupees loss of public sector petroleum companies andover 350 billion rupees loss incurred by the power sector among others.

For more read here (Indian

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