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Ramanuj Asawa
May 17, 2017, 7:33:29 AM5/17/17
to pain-relief...@googlegroups.com
Another interesting article. Suggestion to abolish the income tax.
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---------- Forwarded message ----------
From: <cfo...@gmail.com>
Date: Wed, May 17, 2017 at 12:51 PM
Subject: NEW ARTICLE
To: pain-relief-fo...@googlegroups.com
KINDLY CIRCULATE THE FOLLOWING ARTICLE AND INVITE THE FEEDBACK.
THANKS WITH BEST REGARDS,
ANIL SINGH
CFO
==============================================================================================================================
Forever End of Black Money and an opportunity to make INDIA into endless growth path
Here is how ….
Today we have tax on sales of goods, Sale of services, Salaries and finally on profit (income tax). The tax on Profit/Income or salary was relevant 10 years back when before TAX on Income was the only source of tax collection and there was no Service/Goods Tax. TAX on salary and Profit is an unnecessary burden of compliance for citizens and corporates and leading to generations of black money and wastage of resources of US$ 4 Billion every year. Along with unnecessary cost of US$ 4 Billion, we are also creating unlawful citizens by failing to follow up with complicated Income Tax law and thereby loss of SOCIAL EQUITY. Ultimately leading to a demoralised citizen who hesitates to participate in the journey of development of country under the fear of law and continuous piling up of cases before Judiciary. Resulting into continuous loss of economy through black money and valuable human resources of our country. GST will simplify the tax collection but will drastically increase the cost of implementation/compliance.
Here is the simple BUT path-breaking approach to the problem. “Let’s have Tax on Turnover/ revenues of Business entities and abolish tax on salaries of citizens and profit of business entities.”
How the above formulae works:
Business entities are currently paying taxes on Revenues, Salaries on behalf of Employees and Tax on Income. Which means all the taxes can be clubbed in one head under Turnover and other taxes can be abolished for forever. Which ultimately means TAX collected remains same but huge cost of compliances of Cost for Employees and Business entities becomes “NIL”. With abolishment of Income Tax the cost of US$ 4 billion incurred for filing the returns and assessment is saved and our country create a law abiding proud CITIZEN ready to participate in the development of Growth of Country and NO BLACK MONEY. Please note our country has not more than a Crore business entities out of which only 10 lakhs are companies. In our country 3000 listed companies sales itself contribute to the 50% of our GDP of US$ 2.30 Trillion. Hence, with just 3000 listed companies 50% of the TAX can be collected instead of following up with 50 Crores citizens for taxes. We are witnessing how the Government and nation is struggling to collect the black money. Instead of that once the Income Tax is abolished the concept of black money itself will be abolished. Secondly, the majority of NPAs, overpricing of large capital assets and Capital market frauds are driven by trading activities, which can be curtailed once the TAX on revenues are imposed with no income tax in place. With one tax and one compliance our country will be the best place to do business. We can shift the human resources working in tax collection department to the JUICIARY in creating a DELAYED JUSTICE FREE country.
I urge PRIME MINSTER of our country and all think tank people of our country to let’s debate and implement the above formulae so that we can understand the huge benefits and CREATE A COUNTRY of endless growth with proud citizens and no fear of law of TAXES. Come let’s make our country the BEST COUNTRY to do business and LIVE.
Written By : ANIL KUMAR SINGH
CFO- TV5 NEWS
================================================================================================================================
From: <cfo...@gmail.com>
Date: Wed, May 17, 2017 at 12:51 PM
Subject: NEW ARTICLE
To: pain-relief-fo...@googlegroups.com
KINDLY CIRCULATE THE FOLLOWING ARTICLE AND INVITE THE FEEDBACK.
THANKS WITH BEST REGARDS,
ANIL SINGH
CFO
==============================================================================================================================
Forever End of Black Money and an opportunity to make INDIA into endless growth path
Here is how ….
Today we have tax on sales of goods, Sale of services, Salaries and finally on profit (income tax). The tax on Profit/Income or salary was relevant 10 years back when before TAX on Income was the only source of tax collection and there was no Service/Goods Tax. TAX on salary and Profit is an unnecessary burden of compliance for citizens and corporates and leading to generations of black money and wastage of resources of US$ 4 Billion every year. Along with unnecessary cost of US$ 4 Billion, we are also creating unlawful citizens by failing to follow up with complicated Income Tax law and thereby loss of SOCIAL EQUITY. Ultimately leading to a demoralised citizen who hesitates to participate in the journey of development of country under the fear of law and continuous piling up of cases before Judiciary. Resulting into continuous loss of economy through black money and valuable human resources of our country. GST will simplify the tax collection but will drastically increase the cost of implementation/compliance.
Here is the simple BUT path-breaking approach to the problem. “Let’s have Tax on Turnover/ revenues of Business entities and abolish tax on salaries of citizens and profit of business entities.”
How the above formulae works:
Business entities are currently paying taxes on Revenues, Salaries on behalf of Employees and Tax on Income. Which means all the taxes can be clubbed in one head under Turnover and other taxes can be abolished for forever. Which ultimately means TAX collected remains same but huge cost of compliances of Cost for Employees and Business entities becomes “NIL”. With abolishment of Income Tax the cost of US$ 4 billion incurred for filing the returns and assessment is saved and our country create a law abiding proud CITIZEN ready to participate in the development of Growth of Country and NO BLACK MONEY. Please note our country has not more than a Crore business entities out of which only 10 lakhs are companies. In our country 3000 listed companies sales itself contribute to the 50% of our GDP of US$ 2.30 Trillion. Hence, with just 3000 listed companies 50% of the TAX can be collected instead of following up with 50 Crores citizens for taxes. We are witnessing how the Government and nation is struggling to collect the black money. Instead of that once the Income Tax is abolished the concept of black money itself will be abolished. Secondly, the majority of NPAs, overpricing of large capital assets and Capital market frauds are driven by trading activities, which can be curtailed once the TAX on revenues are imposed with no income tax in place. With one tax and one compliance our country will be the best place to do business. We can shift the human resources working in tax collection department to the JUICIARY in creating a DELAYED JUSTICE FREE country.
I urge PRIME MINSTER of our country and all think tank people of our country to let’s debate and implement the above formulae so that we can understand the huge benefits and CREATE A COUNTRY of endless growth with proud citizens and no fear of law of TAXES. Come let’s make our country the BEST COUNTRY to do business and LIVE.
Written By : ANIL KUMAR SINGH
CFO- TV5 NEWS
================================================================================================================================
पेंसिल घुमाओ; दर्द भगाओ। दर्द का अंत, तुरंत।
With warm regards and best wishes.
CS Ramanuj Asawa
Company Secretary by profession, Pencil therapist by hobby, Human by
nature, trying to alleviate the pains of suffering humanity.
President
Pain Relief Foundation
#205, Himalaya Enclave, 1, Shivajinagar,
Gandhinagar (LAD College) Square
NAGPUR 440010
cell 094228-03662
Office phones: 9422095636 & 9423880361
Visit for pain relief/ training with prior Appointment at Japanese Garden, Seminary Hills, Nagpur 440001.
Time 7 am to 8 am every morning.
ॐ सर्वे भवन्तु सुखिनः, सर्वे सन्तु निरामयः सर्वे भद्राणि पश्यन्तु, मा कश्चिद दुखभाग भवेत्.
प्यारेप्रभु ! सबका कल्याण हो ! सबको शांति प्राप्त हो ! सबमें पूर्णता आये ! सब सौभाग्यशाली हों !!
मेरे नाथ ! सब सुखी हो !सब योग्य हों ! सब परस्पर एक दूसरे का भला चाहें ! कोई भी दुःख से पीड़ित न हो !!)
मेरे नाथ ! सब सुखी हो !सब योग्य हों ! सब परस्पर एक दूसरे का भला चाहें ! कोई भी दुःख से पीड़ित न हो !!)
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