Dear Public,
This is continuation to my earlier blogs. I have attended one of he Budget Analysis sessions and have read ananlysis in different news paper.In this backdrop I wish to raise some questions which lingers in my mind.
1)Food security is of prime importance of any nation. Hence, there is no issues in paying Paul. But it should be made clear as to how,when and what is being robbed from Peter?
2)Whether entire arrears written off is correct or should it be restricted only to interest waiver ?
3)All long post-independence era, India witnessed division based on cast,creed,religion,region,language etc. But this budget innovated a new criteria for division. Nothing but professsion. Agriculture is a profession like IT,Finance,BPO,KPO etc. Efforts should be directed at improving talents and assistance in that profession rather than sympathising.
4)Does 60k cr. enough to wipe the grievences of all the farmers in our country? Bcoz the criteria announced in the budget for identifying Small/marginal/large farmers is landholding. Land is a subject matter of appreciation.
*What will be the fate of landless farmers?
*Also what will the fate of farmers who are not in a position to repay loans taken from Commercial Banks and private money lenders?
*The gross agri. loan in our country according to various sources indicate 285k cr. (approx) out of which only 1/3rd is being addressed.
5)Surcharge was introduced years back to meet certain contigencies and is suppose to be shortlived.There is no such contigency exist now.What is the purpose of continuing the Surcharge , when the tax collection is so good?
6)Since salaried class people are smart,hard working, dedicated and last but not least dare not question any legislation being thrown on their head, the FM was confident in keeping his eyes shut towards thier difficulties. It is ultimately this class of people who will suffer the most inspite of their sincierity in compliying with various laws. Bcoz of the FM\'s generosity in giving alms to this section of people , they become rich by atleast Rs.44,000 , not knowing that their earnings are being squeezed and looted for political gimmicks namely waiver of agri. loans !!!
7)Corporates are at the mercy of FM lowering the effective tax rate which is now @38% approx incorporating surcharge and FBT.Since company is an arificial person who will not stand in Queue and vote , their problems are conviniently forgotten.
8)On the direct and indirect taxes front, there are aplenty of circulars issued by the concerned depts. which are contradictory to the Act.
*Whatever decided by the ultimate judiciary should be the rule for the day. Our country is having a strange tendency.Year after year we are witnessing the introduction of new clauses to various sections of various laws to overrule such decisions and make the levy w.e.f. retrospective dates. In such circumstances the confidence of public on the established system will dwindle.
9)Also, I would like to point out one serious mistake in drafting of the new sec.268A of Income Tax Act which says \" where no appeal or application for reference has been filed by the Income Tax authorities pursuant to the above mentioned orders/instruction/directions of the board, it shall not be lawful for an assesse to contend that the Income Tax authority has acquiesced in the decision on the disputed issue by not filing an appeal or application for reference in any case.\"
Here is it right to use the word \"contend\"? By using the word\"contend\", the Act is curbing the thought process of an assessee which is not a healthy sign. Ofcourse, while considering substance over form this question becomes trivial. Still it is to be noted that such mistakes in drafting should be avoided considering the fact that each and every word in an Act can be interpreted in different ways.
10)Aiming to tax each possible opportunity, What exactly are our legislators doing with this revenue?
*Are they using this fund for the benefit of minority or majority or all?
*Are they using this fund to gain political milage?
*Are they swindling some/most of the funds?
*Are they really making India a super power with these Fund?
Having raised these questions,I still believe in democracy which gives me enough freedom to express my thought.
Thanking once again IBNLIVE.com for giving this wonderful oppotunity,
Regards,
CA.Dakshinamurthy.
