Very interesting! Again I would defend the income which is never defined in any part of the earth, as a wise man can make sand as income suddenly, if there is a gullible. So all kinds of income can never be defined, even if you are asked to be the chairman of the committee. If your income earns no interest as in UAE then also you will have the grievance. If the interest rate is too low like in the USA, even then you will grieve. If you are made tax free the bank Interest, but hike the taxation rate again you will have remorse. Again grievance shall vary from person to person , from level to level. Growth and taxation are adversely affected by the aspirations of the people who are willing and more-non-willing citizens. Why would one be entitled to a pension, when in the nation and all over the earth, private salary, with the higher qualification, than the Govt servant, goes off without revenue monthly pension. And all expenses are as equal as a Govt servant will spend for his family, even for those private salaried. Instead of non levy of bank interest, suppose the pension is withdrawn , even then many may not get the taxable income at all . But many will be aggrieved. Taxation does include real and virtual income; the Supreme court about, 50 years back, went behind on these unreal incomes and ultimately, countered its own judgements. As long as there is a gain , whether due to real or inflated circumstances, the earning, directly or indirectly, is only a receipt or in-come. Even income accrued is also an income by the standard of accountancy one follows. Where the cash receipt is controlled by certain provisions, credit performances were considered for the relevant receipts. There were officers who tried to tax what your son will send from abroad as income; but courts took the other view; but certain kinds of amendments were made , to tax the virtual income , as the provider and the receiver , tried to create a situation, where taxation was evaded , by certain means. Even today avoidance of tax is not an evasion. 1 All citizens must pay taxes if he is within the circle. 2 If not all must become a whistleblower and expose the non-tax payers into the circle. 3 Corruption in any form , when prevented , tax will be paid automatically. and 4 where corruption is made costlier, either communism will prevail and more will try to pay the tax, rather than going around , paying to persons. 5 Greed is the quality of the people and I would like to fan that greed, so that, when the source of negative income is denied, assessment will improve and return filing will soar. So the taxation rate shall decrease. Sharing the money with the society, which alone pays for the qualification is the taxation and duty which shall be payable in all respects, where people must cooperate along with the Govt. BY, FOR and OF the people is meaningful in the constitution but all of us want to pour only water instead of milk, shifting the burden on others to do so and yet call ourselves aas citizens abiding. Paying tax is painful but it cannot absolve us from undertaking undue measures and the demands. KR IRS 13223 NB From July SBI credit cards are hiking the service payments as 199+99+ taxes, where the richest bank and card had taken that measure ,another blow to citizens. In the tamil film Tunivu by Ajit kumar, towards the end there will be a dialogue:" Q This lady so poor ha dRs 5000 in her account; and today when she goes to the bank and tries to withdraw, she is told that there is no balance and only she has to pay; why? A : Bank Manager will cooly reply: "Yes sir; she had ; but we sent few SMS to her (sms of her same balance!!) and her balance went down 4900 ; now she has no minimum balance and charges are Rs 500 for the default every month; and after 10 months this balance has come to minus 100; so only she has to pay. A commercial money lender does it but we refrain from it. But with the bank we sleep. She could have closed the account long back and saved the banking tricks. It is adharma. But before they change, we shall not wait. If the bank interest were being taxed, please choose the alternatives like MF, vacant land , homes etc etc; but we are afraid of; we want to have the cake and eat it too.
On Mon, 13 Feb 2023 at 16:46, Markendeya Yeddanapudi < [email protected]> wrote: > I am sorry to differ with you.You make honest savings impossible by > including the fake income interest on bank deposits taxable or worse > includable in the taxable income,thus bloating the total and dragging the > hapless assessee into the higher tax bracket,overtaxing the other incomes > like salary,pension,etc.You have made tax honesty dangerous. > As long as you include the fake income interest on bank deposits into the > taxable income,you have no moral right to defend the income tax. > First define income as 'the benefit received or accrued with the burden of > proving the benefit on the Income tax department. > The Income tax act has forced and damned all Indians into the black money > economy,making the corruption itself respectable. > YM > > On Mon, Feb 13, 2023 at 11:48 PM Rajaram Krishnamurthy < > [email protected]> wrote: > >> Good one! Cost of corruption is my first lesson I heard at Nagpur, >> academy when told to make it costlier. It might sound strange. But in >> reality, it serves the purpose perfectly. Suppose people want to buy you >> with money. Then he will not part with his whole profit or acquisition. He >> will part with a trifle ,which to you, appears great. So you receive that >> and complete his task. He is happy but your shadow starts chasing you and >> you lose your sleep. You cannot explain the source, but he can explain the >> expenditure. Thus free trade with one side advantage alone develops the >> tree of corruption. On the contrary, why does he hold so much unaccounted >> for?; not willing to pay the taxes?; NO; he needs the apex glory of the >> purchasing power, kingdom to rule; and you are King and you're usurped, of >> your right by a small shedding of his sweat; thus so easily, he can destroy >> you and the surroundings where , he thinks he lives but not really as he >> shall be thinking about that as a devil guarding the treasure. Suppose a >> man wants to hoard 1 lakh and he offers you 10000; and in turn you ask him >> to part with 60000; will he?; no because the cost of corruption is so >> costly while the tax is only 50% of that cost. So he thinks of another way >> to sleep peacefully. The dear cost checks the balance , retaining your >> kingdom. All are happy provided, all do the same. Make corruption costlier. >> KR IRS 13223 >> >> On Mon, 13 Feb 2023 at 04:05, Markendeya Yeddanapudi < >> [email protected]> wrote: >> >>> >>> >>> -- >>> *Mar*The Cost of Corruption >>> >>> In Pakistan, the military generals, the top bureaucrats and the top >>> politicians have been continuously stealing and bleeding the country. They >>> invest the stolen property in western countries, in various business >>> empires, which their children own and manage. The children of the ordinary >>> Pakistanis are forced to join the various terrorist training camps, making >>> them adopt terror and crime as careers. Now the looters are eagerly waiting >>> for the latest IMF package, so that they can steal it. The IMF too after >>> all sorts of pretences will grant a hefty loan. That loan will be stolen >>> and invested in the west. This is the new colonialism of the west. The >>> scamsters in the country loot and they bring the steal to the west. >>> >>> In India too we have our own homegrown scamsters. They loot and then get >>> political power. Of course they too invest the loot in the west. But now >>> Modi has become a big headache. He is not personally corrupt. He dried up >>> the big money spinner of the arms manufacture lobby by solving the Kashmir >>> problem. Of course a few thieves entered the BJP but let us hope that they >>> will be neutralized. >>> >>> YM >>> >> > > -- > *Mar* > -- You received this message because you are subscribed to the Google Groups "Thatha_Patty" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. To view this discussion on the web visit https://groups.google.com/d/msgid/thatha_patty/CAL5XZoofdF891ZzxCF7GBhOo2L-r2sxAWwSkVSPfLc0f9ATK8w%40mail.gmail.com.
