The financial year 2002-03 is drawing closer and the budget sessions of the centre and state are called. Many in central and state financial ministry may be sharpening their knives of interpreting and analytical skills of various statutes, and surveys to extract the pound of flesh from the tax payer.
Budget sessions have become nightmares to the common man and they await it with bated breath. Common man has become philosophical and finds solace in 'Karma' theory. He knows he will be taxed. Any concession, exemptions are meant only for a few. Incentives to savings are gradually withdrawn, but he is least concerned, as he seldom has money to save after meeting his basic needs.
Taxation is indispensable which funds the government and also the development activities of the nation. But what are required to be examined are the extent of taxation, the burden one could bear and widening the tax net. If these parameters are met, one would voluntarily pay the tax.
It is often declared that the taxation in our country is much below the global standards, and efforts are on to match it to global level. But it is conveniently ignored, that our per capita income has not yet reached global levels, after which only taxation arises. But our governments are putting a cart before the horse.
Successive budgets are only exercises in overtaxing the honest to make good what is lost from tax-evading.
Property sector is always been a whipping boy. Though certain barriers, like permission from appropriate authority, income tax clearance certificates are removed, much needs to be done. Benefit of indexation may be extended to entire capital gains irrespective of the period, with the option available to people to deposit the capital gains in any private, public or co-operative banks.
Department of Stamps and Registration is earning good revenue to the State and ranked second. The Government should modernize the department to suit the public needs, and to make it people friendly.
The State Government should address the difficulties in conversion of land and also the regularisation of constructions on the outskirts of the cities.
State government should reduce the stamp duty on purchase of properties and extend rebate to all bangalore 5 properties. If the property sector is free, it would accelerate the growth of other sectors and the entire economy.
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